The American Petroleum Institute (API) reported a large surprise build in crude oil inventory of 8.6 million barrels for the week ending May 10, coming in significantly over analyst expectations of a 2.125-million-barrel drawdown in inventories. Last week, the API reported a build in crude oil inventories of 2.81 million barrels . A day later, the EIA contradicted the API’s report, instead estimating a draw of 4-million-barrels. Including this week’s data, the net build is now 29.52 million barrels for the 20-week reporting period so far this year, using API data. Oil prices rose sharply on Tuesday on multiple reports of turmoil in the Middle East, including attacks on four oil tankers off the Strait of Hormuz, and a drone attack of a Saudi pipeline—although this was tempered somewhat by the escalating China-US trade war. WTI was trading up on Tuesday before the data release at $61.95, up $0.91 […]