Gasoline, Distillate Builds Spook Oil Markets

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell again this week, this time by 370,000 barrels in the week ending June 6 after analysts had estimated a 700,000-barrel build. The API reported a 3.3 million barrel inventory decrease in the prior week. So far this year, crude oil inventories are up nearly 18 million barrels, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR)…