The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 1.019 million barrels in the week ending September 25. Analysts had expected a 1.9 million barrel draw. In the week prior, US crude oil inventories grew by 1.786 million barrels. Commercial crude oil inventories excluding the SPR have lost 38 million barrels over the last 24 weeks, but US crude inventories are up nearly 13 million for the year, according to API data, kept in check in part thanks to draws from the SPR. For the week ending September…

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