Commodities Buzz: US crude stockpiles spike by 7.1 million barrels, API data shows

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose sharply, gaining an additional 7.1 million barrels in the week ending July 4, So far this year, crude oil inventories are up around 11 million barrels. Gasoline inventories fell in the week ending July 4 by 2.2 million barrels, on top of last week?s 1.920-million-barrel increase in the week prior. As of last week, gasoline inventories were 1% below the five-year average for this time of year, according to the latest EIA data.

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