The American Petroleum Institute (API) reported a surprise build in crude oil inventory of 3.545 million barrels for the week ending May 31, coming in over analyst expectations of a 208,000-barrel drawdown in inventories. The build came as a blow to oil prices, with inventory gains seen in Cushing inventory too, as well as builds in gasoline and distillates. Last week, the API reported that the string of surprise inventory builds had stopped, reporting a draw in crude oil inventories of 5.265 million barrels . A day later, the EIA estimated that US inventories had decreased by 300,000 barrels . The net build is still a significant 30.20 million barrels for the 23-week reporting period so far this year, using API data. Oil prices rose earlier on Tuesday as Saudi Arabia moved to reassure the oil market once again that it would do whatever it takes to rebalance the […]