The American Petroleum Institute (API) reported a build in crude oil inventories of 3.910 million barrels for the week ending March 26. Analysts had predicted a much smaller inventory build of 107,000 barrels for the week. In the previous week, the API reported a build in oil inventories of 2.927 million barrels after analysts had predicted a build of 272,000 barrels. Oil prices were trading down on the day prior to the data release, with WTI trading down $0.96 at 2:45 p.m. EDT at $60.60, while Brent crude traded down $0.78 at $64.20 per barrel. Prices were again volatile this week, with the prospect of oil shipment delays through the previously logjammed Suez Canal and OPEC+’s JTC meeting on Tuesday, which saw its members agree to revise down its oil demand estimates for this year on the prompting of member Saudi Arabia, who indicated that the figure OPEC+ was […]