The American Petroleum Institute (API) has estimated a crude oil inventory build of 4.45 million barrels for the week ending October 17—compared to analyst expectations of a 2.232-million-barrel build. Last week saw a large build crude oil inventories of 10.45 million barrels , according to API data. The EIA’s estimates were similar, reporting a slightly smaller—but still huge— 9.3-million-barrel build for that week. After today’s inventory move, the net draw for the year is now dwindling at 10.82 million barrels for the 43-week reporting period so far, using API data. Oil prices were trading up on Tuesday prior to the data release on rumors that OPEC will consider making deeper cuts in December to combat what almost everyone predicts will be weak demand growth next year. At 3:56pm EDT, WTI was trading up $0.79 (+1.48%) at $54.30 per barrel—up $1 week over week. Brent was trading up $0.60 (+1.02%) […]