US Crude Oil Inventories Rise by 9 Million Barrels

The American Petroleum Institute (API) reported a significant increase in US crude oil inventories, rising by 9 million barrels for the week ending November 6. This follows a previous decline of 5.267 million barrels. The total inventory in the Strategic Petroleum Reserve (SPR) has decreased to 279.5 million barrels, which is considerably below its maximum capacity. US crude production reached a record high of 14.003 million barrels per day for the week ending October 30. Over the past 30 weeks, commercial crude oil inventories have decreased by more than 54 million barrels, with 3 million barrels lost this year alone. The SPR has seen draws to support commercial inventories, with 2.7 million barrels withdrawn recently. The current inventory levels in the SPR are approaching the operational minimum, which could impact the reserve's ability to pump and process oil efficiently.