The American Petroleum Institute (API) reported a sizeable crude oil inventory build for the week ending on November 9th. The build of 8.79 million barrels was the sixth in as many weeks. The report was significantly higher than analyst expectations of a smaller build in crude oil inventories of 3.012 million barrels . Inventories in the Cushing, Oklahoma facility this week had climbed by 726,000 barrels, adding to the inventory builds this week, while analysts had estimated a 2.419 million build this week. Prices were in a downward spiral on Tuesday as OPEC cut its demand forecast by 400,000 bpd in its monthly Oil Market Report, which also showed a pretty sizeable increase in non-OPEC supply growth of 2.31 million bpd. Halting the slide, OPEC and its non-OPEC partners allegedly discussed a production hike of 1.4 million bpd, according to multiple Reuters sources. At 10:20 am EST, WTI was […]