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What did API Report on crude oil inventories?

The American Petroleum Institute (API) reported a build of 3.910 million barrels in crude oil inventories for the week ending March 26. This is significantly larger than the predicted build of 107,000 barrels. The report was released on March 27, 2023.

What does oil inventory mean?

The American Petroleum Institute reports inventory levels of US crude oil, gasoline and distillates stocks. The figure shows how much oil and product is available in storage.The indicator gives an overview of US petroleum demand. If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices.

How many barrels did the API draw in crude oil?

For the week prior, the API reported a 3.9 million barrel draw in crude inventories. This week marks the fifth week in a row of API-estimated inventory draws for crude oil, for a total loss of 24 million barrels during that time.

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