Prices Sag as US Oil Inventories Climb
Crude oil inventories in the United States increased by 5.5 million barrels during the week ending March 27, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 461.6 million barrels according to government data, which is 0.1% above the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories saw a build of 10.263 million barrels in the period.…