The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 951,000 barrels for the week ending October 2. Analysts had predicted an inventory build of 400,000 barrels . In the previous week, the API reported a draw in crude oil inventories of 831,000 barrels , after analysts had predicted a draw of 2.325-million barrels. Oil prices were trading up on Tuesday morning before the API’s data release as the turbulent market was assuaged by President Donald Trump’s release from Walter Reed Medical Center, where he was being treated for the coronavirus, In the hours leading up to Tuesday’s data release, at 10:48 am EDT, WTI had risen by $1.45 (+3.70%) to $40.67, up $2 per barrel on the week. The Brent crude benchmark had risen by $1.40 at that time (+3.99%) to $42.69. Oil production in the United States remained unchanged in the last […]