Crude oil is currently trading at its lowest levels of the year as inventories showed a smaller than expected increase last week (883K barrels vs. 1,650K barrels). This breaks a streak of eight straight weeks of larger than expected increases. Even as the build was stronger than expected, inventories did show an increase for the ninth straight week. While crude oil inventories have typically peaked in the second full week of May, so far this year inventories are still rising. As a result, once again this week the only year where inventories were higher than they currently are at this time of year was back in 1990.
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