As the price of Brent Crude hit multi-year highs earlier today, the American Petroleum Institute (API) reported a surprise build of 4.854 million barrels of United States crude oil inventories for the week ending May 11, compared to analyst expectations that this week would see a smaller draw in crude oil inventories of 763,000 barrels . Last week, the American Petroleum Institute (API) reported a draw of 1.85 million barrels of crude oil. The API reported a draw in gasoline inventories for week ending May 11 in the amount of 3.369 million barrels—a bigger draw than the 1.421-million-barrel draw that analysts had expected. Oil prices rose Tuesday to multi-level highs, with Brent crude surpassing the $79-per barrel mark on expectations of robust demand growth in China, and on OPEC’s lately Monthly Oil Market Report, which called the end of the glut. US sanctions on Iran still looming large have […]