Oil rises on outages; API reports big US crude build
The market pared gains briefly in post-settlement trade after the American Petroleum Institute (API), an industry group, said the US crude inventories rose by 3.45 million barrels to record highs of 543.1 million during the week ended May 6.
"We should roll back a good part of today's gains if the EIA confirms the builds cited by API or comes up with even larger numbers," said Tariq Zahir, crude trader and managing partner at Tyche Capital Advisors in New York. Image Source: Reuters