The increase in crude oil inventories was lower than expected

According to today’s oil price report on May 19th, the American Petroleum Institute (API) announced that in the week ending May 14th, US crude oil inventories increased by 620,000 barrels, while analysts had expected production to increase by 1.

Last week, API reported that crude oil inventories fell sharply by 2.

At 1:30 pm Eastern Time, the price of West Texas Intermediate Oil was quoted at US$65.

According to the latest data from the U.

API reported that as of the week of May 14, gasoline inventories fell by 2.

After the data was released at 4:41 pm Eastern Time, the price of WTI crude oil was quoted at US$65.

Wang Jiajing excerpted and translated from today's oil prices

The original text is as follows:

Crude Oil Inventories See Smaller Than Expected Build

The American Petroleum Institute (API) on Tuesday reported a build in crude oil inventories of 620,000 barrels for the week ending May 14.

　　Analysts had predicted a build of 1.

　　In the previous week, the API reported a massive draw in oil inventories of 2.

　　Oil prices were trading down on the day prior to the data release as the market is particularly jittery when it was suggested that “important news” would be released on Wednesday regarding the Iranian nuclear deal, the resolution of which could result in more Iranian oil barrels hitting the market.

　　At 1:30 pm EDT, WTI was trading at $65.

　　While crude oil inventories fell this week, US oil production was up 100,000 bpd at 11 million bpd on average for the week ending May 7, according to the latest data from the Energy Information Administration.

　　The API reported a draw in gasoline inventories of 2.

　　Distillate stocks saw a decrease in inventories this week of 2.

　　Cushing inventories rose this week by 53,000 barrels.

　　Post data release, at 4:41 pm EDT, the WTI benchmark was trading at $65.