Oil prices continued to fall on Tuesday afternoon after the API confirmed a build across the board
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.
At 401 pm ET, Brent crude was trading down $0.82 on the day at $77.54—down roughly $6 per barrel from this time last week. The U.S. benchmark WTI was also trading down on the day at -1.24% to $73.30—also a nearly $6 loss week over week. Gasoline inventories also rose this week as well, by 4.026 million barrels, after last week’s 452,000 barrel decrease. As of last week, gasoline inventories were about 1% below the five-year average for this time of year, according to the latest EIA data.
Oil Inventories Crude Gasoline Refining Distillates Downstream
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