Crude oil inventories in the United rose by 4.753 million barrels for the week ending November 8, according to The American Petroleum Institute API. Analysts had expected a much smaller build of 800,000 barrels. For the week prior, the API reported a 777,000 barrel draw in crude inventories. So far this year, crude oil inventories have risen by less than 1 million barrels since the beginning of the year, according to API data.
benchmark WTI was also trading up on the day by $0.44 0.64% at $69.60—up $1.60 per barrel from last Tuesday. Oil prices saw a spike earlier in the week after the U.S. approved Ukraine to fire U.S.-manufactured missiles into Russian territory and a supply outage at Johan Sverdrup. Gasoline inventories fell this week by 2.48 million barrels compared to last week’s 312,000-barrel increase.