A downbeat oil market assessment from the World Bank and lingering signs of an oversupplied market pushed crude oil prices down sharply in Wednesday trading. In a late Tuesday report, the American Petroleum Institute reported U.S. crude oil inventories rose by a little more than 7 million barrels last week. The week prior, API said U.S. crude oil inventories increased by 9.3 million barrels. Data suggest slight improvements in the U.S. and global economies aren’t enough to draw on the surplus of oil in storage. In response, crude oil prices retreated sharply in early Wednesday trading. The price for Brent crude oil dropped 1 percent from the previous close to $48.21 per barrel, down about 2.7 percent for the […]