Crude oil futures fell during midmorning trade in Asia Feb. 24 after data from the American Petroleum Institute showed an unexpected build in US crude inventories, and as fears of an overbought market stemmed further buying activity. At 11:07 am Singapore time (0311 GMT), the ICE April Brent futures contract was down 43 cents/b (0.52%) from the Feb. 23 settle at $64.94/b while the NYMEX April light sweet crude contract fell 56 cents/b (0.91%) at $61.11/b. Data from the API released late Feb. 23 showed a 1 million barrel increase in US crude inventories in the week ended Feb. 19. The build surprised the market, which was expecting inventories to decline significantly on account of severe weather in southern US states shuttering production. “With excessively stretched positioning [that is] highly susceptible to any […]