Oil Bulls Cheer A US Inventories See Surprise Draw ...Middle East

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell this week, by 4.236 million barrels in the week ending May 23 after analysts had estimated a 1-million-barrel build. The API reported a 2.499 million barrel inventory increase in the prior week. So far this year, crude oil inventories are up more than 21 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…

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