API Reports Small Builds in Crude, Fuel Inventories

Crude oil inventories in the United States rose this week by 509,000 barrels for the week ending May 3, according to The American Petroleum Institute (API). Analysts had expected a 1.430 million barrel draw. For the week prior, the API reported a 4.906 million barrel build in crude inventories. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.9 million barrels as of May 3. Inventories are now at 367.2 million barrels—the highest point since last April,…