The American Petroleum Institute (API) on Tuesday reported a build in crude oil inventories of 620,000 barrels for the week ending May 14. Analysts had predicted a build of 1.680 million barrels for the week. In the previous week, the API reported a massive draw in oil inventories of 2.533 million barrels after analysts had predicted a draw of 2.817 million barrels. Since the start of 2020, crude oil inventories have grown by more than 50 million barrels, according to API data. Oil prices were trading down on the day prior to the data release as the market is particularly jittery when it was suggested that “important news” would be released on Wednesday regarding the Iranian nuclear deal, the resolution of which could result in more Iranian oil barrels hitting the market. A clarification was later made by Mikhail Ulyanov, Russia’s envoy to the JCPOA talks, saying that it […]