The Energy Information Administration tipped markets towards bear territory when it reported that U.S. crude oil inventories had jumped by 4.9 million barrels in the week to October 7. The total of 474 million barrels remains higher than the average for this time of year. Yesterday, the American Petroleum Institute was the first to spread oil doom and gloom by estimating that crude inventories had gone up by 2.7 million barrels in the same week. This immediately weighed on international oil prices, as it came amid a temporary pause to the news flow about OPEC and Russia’s freeze plans. It also suggested that inventories may be building for the first time in the last six weeks. Analysts polled by media had expected an increase of 2 million barrels in crude oil stockpiles, along with a 900,000-barrel decline in gasoline inventories. Last week, the EIA […]