The American Petroleum Institute (API) reported a build in crude oil inventory of 6.86 million barrels for the week ending April 19, coming in over analyst expectations of a 167,000-barrel drawdown. Last week, the API reported a draw in crude oil of 3.096 million barrels. A day later, the EIA confirmed the draw with a report of a 1.4-million-barrel drop in inventory. Including this week’s data, the net build is now 11.30 million barrels for the 17-week reporting period so far this year, using API data. (Click to enlarge) Oil prices ticked higher on Tuesday as the United States announced that it would not be extending any of the waivers that it had previously granted purchasers of Iranian oil. WTI was trading up on Tuesday before the data release at $66.15, up $0.60 (+0.92%) on the day at 1:03pm, also up week on week by more than $2 per […]