U.S. Crude Oil Inventories See Surprise Draw

Crude oil inventories in the United States fell this week by 3.104 million barrels for the week ending May 3, according to The American Petroleum Institute (API). Analysts had expected a 1 million barrel build. For the week prior, the API reported a 509,000 barrel build in crude inventories. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.6 million barrels as of May 10. Inventories are now at 367.8 million barrels—the highest point since last April, but well…