The American Petroleum Institute (API) reported a build this week for crude oil of 1.618 million barrels, compared to analyst predictions of a 1.2 million barrel draw. U.S. crude inventories have shed some 73 million barrels since the start of 2021 and about 16 million barrels since the start of 2020, according to API data. In the week prior, the API reported a larger-than-expected draw in crude oil inventories of 3.479 million barrels after analysts had predicted a draw of 1.167 million barrels. Oil prices were down on Tuesday after Monday’s brief selloff, as China’s central bank promised to provide monetary policy support to its economy after the lockdown. The price moves remain a testament to the hyper volatility that exists in the market post covid and post-Russian invasion. WTI was trading down 3.40% at $99.58 per barrel on the day at 1:18 p.m. ET—down roughly $3 per barrel […]