The American Petroleum Institute (API) has estimated a crude oil inventory build of 5.954 barrels for the week ending November 14, compared to analyst expectations of a 1.543-million-barrel build—a huge discrepancy for the much-watched inventory figures. Last week saw a draw in crude oil inventories of 500,000 million barrels, according to API data. The EIA’s estimates, however, reported a build of 2.2-million barrels for that week. After today’s inventory move, the net draw for the year now sits at just 2.81 million barrels for the 47-week reporting period so far, using API data. (Click to enlarge) Oil prices were trading down on Tuesday prior to the data release as analysts suspected US oil inventories had increased last week, in combination with stalled trade talks between China and the United States, and Russia’s balking at the prospect of deeper oil production cuts. At 2:38pm EST, WTI was trading down $1.60 […]