Surprising Inventory Shifts: Crude Oil Soars, Gasoline and Diesel Plummet
Crude oil inventories in the United States increased by 9.05 million barrels, surpassing analysts' expectations, while gasoline and diesel inventories decreased. The Strategic Petroleum Reserve (SPR) remained unchanged for the seventh consecutive week, with total purchases under the Biden Administration's buyback program falling below 4 million barrels. Oil prices dipped slightly ahead of the data release.