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Surprise Build in US Crude Oil Inventories Pressured Oil Prices

Surprise Build in US Crude Oil Inventories Pressured Oil Prices

On May 23, the EIA released its crude oil inventory report. The EIA reported that US crude oil inventories increased by ~5.8 MMbbls to 438.1 MMbbls on May 11–18. However, the inventories declined by 78.2 MMbbls or ~15% YoY (year-over-year).