The American Petroleum Institute (API) reported a large build this week for crude oil of 7.054 million barrels. U.S. crude inventories have grown by roughly 28 million barrels so far this year, according to API data, while the U.S. Strategic Petroleum Reserves fell by nearly seven times that figure, at 184 million barrels. The build in crude oil inventories was made possible by the Department of Energy’s release of 7.7 million barrels from the Strategic Petroleum Reserves in the week ending October 7, leaving the SPR with 408.7 million barrels. In the week prior, the API reported a draw in crude oil inventories of 1.770 million barrels after analysts had predicted a much build of 1.966 million barrels. WTI fell further on Tuesday, continuing the price slide that began earlier in the week. At 1:49 p.m. ET, WTI was trading down $1.99 (-2.23%) on the day at $87.36 per […]