The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 4.146 million barrels for the week ending November 27. Analysts had predicted an inventory draw of 2.358 million barrels for the week. In the previous week, the API reported a build in oil inventories of 3.8-million barrels , after analysts had predicted a much smaller build of just 127,000 barrels. Oil prices were trading down on Tuesday afternoon before the API’s data release despite daily news of Covid-19 vaccine progress, after OPEC on Monday ended its meeting without a resolution on its production plans for 2021, and delayed a meeting set for Tuesday until later in the week to allow more time for deliberations of the sticky subject. OPEC finds itself in a precarious situation again—and make no mistake, it is imperative for the group to hold the group together and present a united […]