The American Petroleum Institute (API) reported a build in crude oil inventory of 2.81 million barrels for the week ending May 3, coming in over analyst expectations of a 744,000-barrel buildup in inventories. Last week, the API reported a surprise buildup in crude oil of 6.81 million barrels . A day later, the EIA reported an even larger build of 9.9-million-barrels . Including this week’s data, the net build is now 20.92 million barrels for the 19-week reporting period so far this year, using API data. (Click to enlarge) Oil prices fell sharply on Tuesday as the China-US trade war continues, sparking fears that global growth will be disappointing, despite a tightening of oil supplies in Venezuela and Iran in the wake of US sanctions. WTI was trading down on Tuesday before the data release at $60.74, down $1.51 (-2.43%) on the day at 12:42pm, but down week on […]