The American Petroleum Institute (API) reported a build in crude oil inventory 1.93 million barrels for the week ending March 22, coming in under analyst expectations of a 1.1-million-barrel draw. Last week, the API reported a large surprise draw in crude oil of 2.133 million barrels . A day later, the EIA reported a draw of a much larger amount, estimating that crude inventories had drawn down by 9.6 million barrels. Including this week’s data, the net build of just 430,000 barrels for the twelve reporting periods so far this year, using API data. WTI was trading up on Tuesday in the runup to the data release at $59.94, up $1.12 (+1.90%) on the day at 1:25pm. The Brent benchmark was trading up at $67.43, up $0.62 (+0.93%) at that time. While the WTI benchmark is trading up roughly $.70 week on week the Brent benchmark is trading down […]