Oil Prices Fall After API Reports Large Surprise Builds in Crude And Products

Crude oil inventories in the United States rose this week by 4.052 million barrels for the week ending May 24, according to The American Petroleum Institute (API), after analysts had forecast a 1.9 million barrel draw. For the week prior, the API reported a 6.490 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 0.9 million barrels as of May 31. Inventories are now at 340.2 million barrels—the highest level since March of…