The American Petroleum Institute (API) reported a build this week for crude oil of 736,000 barrels, while analysts predicted a draw of 1.2 million barrels. The small build comes as the Department of Energy released 7.7 million barrels from the Strategic Petroleum Reserves in Week Ending June 10. U.S. crude inventories have shed some 74 million barrels since the start of 2021 and about 16 million barrels since the start of 2020, according to API data. In the week prior, the API reported a build in crude oil inventories of 1.845 million barrels after analysts had predicted a draw of 1.8 million barrels. Oil prices were particularly volatile on Tuesday, with OPEC reporting that May production was not only lower than its quota, but lower than April. Typically, this would result in a large price spike as the market contemplates the likelihood that OPEC is fresh out of spare […]