Oil Prices Hold Up Against Falling U.S. Crude Oil Inventories

Crude oil inventories in the United States rose this week by 2.264 million barrels for the week ending June 14, according to The American Petroleum Institute (API). For the week prior, the API reported a 2.428 million barrel draw in crude inventories. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.4 million barrels as of June 14. Inventories are now at 370.9 million barrels—the highest level since March of 2023, but still well below the 656 million barrels…