A large build in crude oil inventories increased downward pressure on crude prices on Wednesday afternoon
The American Petroleum Institute API has reported a major inventory build of 12.940 million barrels in U.S. crude inventories, compared to last week’s 4.210-million-barrel draw. Analysts were expecting a build for the week—although a much smaller one of 1.3 million barrels. The total number of barrels of crude oil moves so far this year is just 4.4 million, according to API data.
Oil prices were trading down ahead of API data release, with Brent trading down 1.81% at $86.06 at 430 p.m. ET—a nearly $8 dip week over week, while WTI was trading down on the day at 2.64%, at $83.70. WTI is down more than $7 per barrel from this same time last week. Gasoline inventories rose this week by 3.645 million barrels, on top of the 3.946 million barrel build in the week prior. Gasoline inventories are roughly 1% more than the five-year average for this time of year.
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