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 ... (full story)