Inventories of U.S. Crude Oil & Products Slip

Crude oil inventories in the United States fell this week by 2.428 million barrels for the week ending June 7, according to The American Petroleum Institute (API), after analysts had forecast a 1.75 million barrel draw. For the week prior, the API reported a surprise 4.052 million 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 0.3 million barrels as of June 7. Inventories are now at 370.5 million barrels—the highest level since…