The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 3.8 million barrels for the week ending November 20. Analysts had predicted an inventory build of just 127,000 barrels , and for the short price run due to favorable covid-10 vaccine news over the last week or so, it likely means curtains. In the previous week, the API reported a build in oil inventories of 4.174-million barrels , after analysts had predicted a build of 1.95 million barrels for the week. Oil prices were trading up on Tuesday afternoon before the API’s data release on another round of positive vaccine news. While the threat of lower oil demand still looms large over the markets in general, back-to-back announcements by pharmaceutical companies—including Moderna and AstraZeneca, which are part of U.S. President Trump’s Operation Warp Speed. The results show a high degree of efficacy for multiple […]