The American Petroleum Institute (API) estimated on Tuesday a large crude oil inventory build of 6.407 million barrels for the week ending March 6, compared to analyst expectations of a 1.848-million-barrel build in inventory, but the shaky oil market seems to be taking it in stride. In the previous week, the API estimated a smaller than expected build in crude oil inventories of 1.7-million barrels , while the EIA’s estimates were more bullish, reporting a smaller build of 800,000 barrels for the week. Oil prices were trading up on Tuesday in the hours leading up to the data release after Monday’s 30% price slump after Saudi Arabia waged a full-on oil price war following Russia’s pullout of the deal to cut more production with OPEC+ members. At 1:33 pm EDT on Tuesday the WTI benchmark was trading up on the day by $2.74 (+8.80%) at $33.87—but still down more […]