The American Petroleum Institute (API) reported a crude oil inventory build of 3.453 million barrels for the week ending November 23, compared to analyst expectations that we would see a much more modest build in crude oil inventories of 769,000 barrels Last week, the API reported a draw, in what was the first draw after six weeks of straight builds as reported by the API. A day later, the EIA had an alternate version of crude oil inventories, reporting a build instead of 4.9 million barrels. Using EIA’s figures, this would make the tenth straight week of inventory builds for crude oil. These weeks and weeks of inventory builds, combined with fears of diminishing demand and Washington’s waivers for eight countries to continue oil purchases from Iran for 180 days have combined to push prices ever lower. Inventories in the Cushing, Oklahoma facility this week had climbed by 1.302 […]