With Brent Crude falling from its $80 height of last week, the American Petroleum Institute (API) reported a build of 1.001 million barrels of United States crude oil inventories for the week ending May 25, compared to analyst expectations that this week would see a build in crude oil inventories of 2.214 million barrels . Last week, the American Petroleum Institute (API) reported a draw of 1.3 million barrels of crude oil. The API reported a draw in gasoline inventories for week ending May 25 in the amount of 1.682 million barrels. Both benchmarks are more than $2 under last week’s levels as OPEC and Russia intimated earlier in the week that they may raise crude production if necessary as the market weighs the threat of US sanctions on Iran and freefalling production in Venezuela. Oil prices picked up on Wednesday on headlines that OPEC would stick with its […]