The American Petroleum Institute (API) reported on Tuesday a surprise draw in crude oil inventories of 1 million barrels for the week ending March 12. Analysts had predicted an inventory build of 2.964-million barrels for the week. In the previous week, the API reported a major build in oil inventories of 12.792-million barrels after analysts had predicted a much smaller 816,000-barrel build. The EIA confirmed there was a large build, crushing the souls of oil bulls that had hoped the price rally would continue ever higher. Oil prices slid further on Tuesday ahead of today’s data. At 3:39 p.m. ET, before Tuesday’s data release, WTI had fallen by $0.68 on the day (-1.04%) to $64.71. Although down for the day, WTI is still trading up more by about $0.70 per barrel over this time last week. The Brent crude benchmark had also fallen on the day $0.55 at that […]