Oil Inventories Rise Toward the End of 2023

Crude oil inventories in the United States rose this week by 1.837 million barrels for the week ending December 22, according to The American Petroleum Institute (API), after recording a 939,000-barrel build in crude inventories in the week prior. API data shows a net build in crude oil inventories in the United States of just over 21 million barrels so far this year. Gasoline inventories fell this week by 480,000 barrels, after 669,000-barrel increase in the week prior. As of last week, gasoline inventories are now 2% below the five-year average…