The American Petroleum Institute (API) has estimated a small crude oil inventory build of 592,000 barrels for the week ending October 24—close to analyst expectations of a 729,000-barrel build. Last week saw a large build in crude oil inventories of 4.45 million barrels , according to API data. The EIA’s estimates, however, disagreed, reporting a draw of 1.7-million-barrel build for that week. After today’s inventory move, the net draw for the year is now dwindling at 10.23 million barrels for the 44-week reporting period so far, using API data. Oil prices were trading down on Tuesday prior to the data release, confused with conflicting reports that Saudi Arabia—the kingpin of OPEC—is willing to cut deeper at the December OPEC meeting, while Russia continues to suggest indirectly that it might not be interested in doing more. On top of that, and potentially more worrisome, is the demand growth prospects for […]