The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 12.792 million barrels for the week ending March 5. Analysts had predicted an inventory build of 816,000 barrels for the week. In the previous week, the API reported a major build in oil inventories of 7.356-million barrels after analysts had predicted a 928,000-barrel draw. But that was nothing compared to the EIA’s report a day later of a 21.6 million barrel build . It is unclear whether today’s reported stock build is part of EIA’s large build reported last week, or whether we will see another large build from the EIA tomorrow. Oil prices slid further on Tuesday ahead of the data after a couple days of price rallying courtesy of the Houthi rebels, who claimed Sunday’s attack on Saudi oil infrastructure. At 3:19 p.m. EDT, before Tuesday’s data release, WTI had fallen by […]