The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 439,000 barrels for the week ending May 21. Analysts had predicted a draw of 1.050 million barrels for the week. In the previous week, the API reported a modest build in oil inventories of 620,000 barrels after analysts had predicted a larger build of 1.
680 million barrels. Since the start of 2020, crude oil inventories have grown by more than 50 million barrels, according to API data. Oil prices started off the day trading slightly down but returned to…Oil Rises On Bullish API Inventory Report
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