The American Petroleum Institute (API) has estimated a crude oil inventory build of 4.26-million barrels for the week ending October 31, compared to analyst expectations of a 1.515-million-barrel build. Last week saw a draw in crude oil inventories of 1.7 million barrels , according to API data. The EIA’s estimates, however, reported a build of 5.7-million-barrels for that week. After today’s inventory move, the net draw for the year has now shrunk to 8.26 million barrels for the 45-week reporting period so far, using API data. Oil Inventory Oil prices were trading up on Tuesday prior to the data release, shrugging off demand growth worry at least for the day due to a renewed optimism that the United States and China may some day come to an agreement on a trade deal—a turnout that would potentially increase the demand growth outlook. At 1:22pm EST, WTI was trading up $0.55 […]