The American Petroleum Institute (API) reported a build this week for crude oil of 6.035 million barrels, while analysts predicted a draw of 200,000 barrels. The build comes as the Department of Energy released a record-setting 8.4 million barrels from the Strategic Petroleum Reserves in the week ending September 9, leaving the SPR with just 434.1 million barrels. In the week prior, the API reported a surprise build in crude oil inventories of 3.645 million barrels after analysts had predicted a draw of 733,000 barrels. WTI fell on Wednesday prior to the data release, with inflation figures in the United States coming in higher than expected, serving as a threat to oil demand. At 12:50 p.m. ET, WTI was trading down $1.34 (-1.53%) on the day at $86.44 per barrel—a roughly $4 per barrel increase on the week. Brent crude was trading down $1.69 (-1.80%) on the day at […]