Crude Stockpiles Drop as Oil Prices Rebound

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell 4.49 million barrels in the week ending May 2, after analysts had estimated a 2.5-million-barrel draw. The API reported a 3.76 million barrel inventory hike in the prior week. So far this year, crude oil inventories are up more than 18 million barrels, according to Oilprice calculations of API data.

Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 600,000 barrels…