The American Petroleum Institute (API) reported a crude oil inventory build of 5.59 million barrels of United States crude oil inventories for the week ending July 28, compared to analyst expectations that this week would see a draw in crude oil inventories of 2.794 million barrels . Last week, the American Petroleum Institute (API) reported a draw of 3.16 million barrels of crude oil. The API reported a draw in gasoline inventories for week ending July 28 in the amount of 791,000 barrels. Analysts predicted a draw of 1.288 million barrels . Oil prices were trading down significantly on Tuesday prior to the release of the API data on inventories, with WTI trading down 1.90% (- $1.33 ) at $68.80 per barrel, with Brent crude trading down 1.75% ( -$1.32 ) at $74.23 per barrel as a Reuters survey on Monday showed that OPEC’s oil production hit a 2018 […]