The American Petroleum Institute (API) has estimated a huge surprise crude oil inventory build of 4.7 million barrels for the week ending December 11, compared to analyst expectations of a 1.288-million-barrel draw in inventory. Last week saw a build in crude oil inventories of 1.41 million barrels , according to API data. The EIA’s estimates reported a smaller build of 800,000 barrels for that week. After today’s reported inventory move, the net inventory moves so far this year—almost the end of the year–stand at a build of 3.22 million barrels for the last 51-weeks, using API data. Oil prices had been up on the day prior to the data release, on positive US China trade developments, with a Phase 1 deal reached, and the threat of tariffs averted. WTI was trading up over 1% on Tuesday. At 2:06 pm EST, WTI was trading up $0.67 (1.11%) at $60.88—more than […]