Crude Oil Inventories See Smaller Than Expected Build ...Middle East

The American Petroleum Institute (API) on Tuesday reported a build in crude oil inventories of 620,000 barrels for the week ending May 14. Analysts had predicted a build of 1.680 million barrels for the week. In the previous week, the API reported a massive draw in oil inventories of 2.533 million barrels after analysts had predicted a draw of 2.817 million barrels. Since the start of 2020, crude oil inventories have grown by more than 50 million barrels, according to API data. Oil prices were trading down on the day prior to the data release as…

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