The American Petroleum Institute (API) reported on Tuesday a major draw in crude oil inventories of 8.01 million barrels for the week ending October 30. Analysts had predicted an inventory build of 890,000 barrels . In the previous week, the API reported a surprise build in oil inventories of 4.577-million barrels , after analysts had predicted a draw of 1.11 million barrels. Oil prices were trading up on Tuesday afternoon before the API’s data release in the runup to the U.S. election. Bearish factors this week include a ramp-up of oil production in OPEC producer Libya, the resolution to the latest storm that has disrupted oil and gas production on the U.S. Gulf Coast over the last week, and additional lockdowns in Europe. In the runup to Tuesday’s data release, at 2:07 p.m. EDT, WTI had risen by $0.97 (+2.64%) to $37.77, down roughly $2 per barrel on the […]