The American Petroleum Institute (API) estimated on Wednesday a larger than anticipated crude oil inventory build of 4.16-million barrels for the week ending February 14, compared to analyst expectations of a 2.494-million-barrel build in inventory. In the previous week, the API estimated a larger than expected build in crude oil inventories of 6-million barrels , while the EIA’s estimates were even more bearish, reporting a large build of 7.5-million barrels for the week. Oil prices were trading significantly up on Wednesday prior to the data release, with traders planning on a swift end to the current coronavirus crisis that has created demand problems in the world’s largest importer, China. Other bullish factors for oil on Wednesday were the sanctions that the United States announced on a Rosneft subsidiary for dealing in Venezuelan crude oil—a significant measure that will put additional pressure on Venezuela. At 3:36 pm EST on Wednesday […]