The American Petroleum Institute (API) on Tuesday reported an extensive build in crude oil inventories of 4.319 million barrels for the week ending April 23. Analysts had predicted a much smaller build of 659,000 barrels for the week. In the previous week, the API reported a build in oil inventories of 436,000 barrels after analysts had predicted a draw of 2.860-million barrels. Enbridge tanks at main Cushing are a as of April 16. Oil prices were trading up on the day prior to the data release despite the coronavirus surge in the world’s third-largest oil importer, India, after OPEC’s JTC meeting resulted in a cancellation of the regular ministerial meeting that was to be held on Wednesday, with a recommendation for no changes to the May production quota for the group. At 2:42 p.m. EDT, WTI traded at $62.87, or 1.55% up on the day and roughly $.50 higher […]