US Crude Oil Inventories Buck Analyst Expectations

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 2.031 million barrels in the week ending October 23. In the week prior, US crude oil inventories fell by a staggering 4.93 million barrels. Commercial crude oil inventories excluding the SPR have lost more than 58 million barrels over the last 28 weeks, but US crude inventories are still only 7 million below where they were at the beginning of the year, according to API data, kept in check in part thanks to draws from the SPR. For the week ending…