U.S. Crude Oil, Gasoline Inventories See Sizable Gains

Crude oil inventories in the United States rose this week by 2.48 million barrels for the week ending May 10, according to The American Petroleum Institute (API). For the week prior, the API reported a 3.104 million barrel dip in crude inventories. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 1 million barrels as of May 17. Inventories are now at 368.8 million barrels—the highest point since last April, but well below the 656 million barrels in inventory in…