Oil prices fluctuate amid mixed inventory reports and global economic outlook.
TL;DR Summary
Crude oil inventories in the United States rose by 3.69 million barrels, while gasoline inventories fell by 2.46 million barrels and distillate inventories fell by 886,000 barrels. The Strategic Petroleum Reserve (SPR) inventory dropped for the seventh week in a row, with 2.4 million barrels of congressionally mandated crude oil sold during the week ending May 12. U.S. crude oil production remained unchanged at 12.3 million bpd, and the price of WTI and Brent were both trading down on Tuesday.
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