The American Petroleum Institute (API) reported a crude oil inventory build this week, this time of 7.83 million barrels for the week ending November 2. The build was the fifth in as many weeks as reported by the API. The report was largely in line with analyst expectations that this week would see another substantial build in crude oil inventories of 2.050 million barrels . Inventories in the Cushing, Oklahoma facility this week had climbed by 3.07 million barrels, adding to the inventory builds this week. Prices were down significantly on Tuesday as the Iranian sanction waivers granted by the United States to eight countries—including oil-hungry India and China—took the sting out of what could have been market panic given the re-imposition of sanctions on Monday. At 11:07 am EST, WTI was trading down 1.24% (-$0. 78) at $62.32—nearly $4 per barrel lower than this time last week. The […]