Oil Prices Rebound As Inventory Slips

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell 4.565 million barrels in the week ending April 18. The API estimated a 2.4 million barrel build in the prior week. So far this year, crude oil inventories are still up more than 19 million barrels, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 500,000 barrels to 397.5 million barrels in the week ending April 18.…