Crude prices fell on Tuesday afternoon as the API reported the third crude oil build in three weeks
Source: oilprice.com
The American Petroleum Institute (API) reported Tuesday, for the week ending May 3, U.S. crude oil inventories rose 2.81 million barrels. The buildup is above analyst expectations for a 744,000-barrel buildup and comes after a surprise buildup of 6.81 million barrels in the previous week. Year to date, the total net build of oil inventories is 20.92 million barrels, according to the API’s data. Gasoline inventories fell 2.833 million barrels for the week, higher than estimates of 917,000 barrels.
