“The US crude oil inventories rose”
April 17, 2024
According to data from the American Petroleum Institute, crude oil inventories in the United States increased by 4.09 million barrels this week, while refined products, including gasoline and diesel, remained stagnant. Subsequently, the Department of Energy reported that the Strategic Petroleum Reserve’s crude oil inventories rose by an additional 0.7 million barrels, reaching the highest point since April last year. Despite market fears surrounding potential Israeli retaliatory measures to Iranian attacks, oil prices declined. Gasoline inventories decreased, while distillate inventories showed a slight decline compared to the five-year average. The latest data suggests that although there were inventory increases, the oil market continues to remain volatile.