The American Petroleum Institute (API) estimated on Tuesday another build in crude oil inventories, this time of 3.857 million barrels for the week ending June 12. Analysts had predicted a small inventory draw of 152,000 barrels . In the previous week, the API shocked the market with a massive spike in crude oil inventories of 8.42 million barrels , after analysts had a far more benign draw in mind, after U.S. production continues to fall. WTI was trading up on Tuesday afternoon prior to the API’s data release despite fears that the United States may see a second wave of Covid-19. Despite those fears, a second shutdown in most states—the likes of which could stymie further demand for oil—seems unlikely. Oil production in the United States has now fallen from 13.1 million bpd on March 13 to 11.1 million bpd for June 5, according to the Energy Information Administration—a […]