The American Petroleum Institute (API) estimated on Tuesday a large crude oil inventory build, of 8.731 million barrels for the week ending May 22. Analysts had predicted an inventory draw of 2.50 million barrels . In the previous week, the API estimated a draw in crude oil inventories of 4.8 million barrels . Meanwhile, the EIA’s estimates were for wildly different, with the industry body reporting last week that the inventories had fallen by 5 million barrels . WTI was trading down on Wednesday afternoon prior to the API’s data release, although the outlook for a rebalanced oil market is more positive than it was even just two weeks ago, with many U.S. states easing lockdown restrictions and the world’s largest oil producers, including Saudi Arabia, Russia, and the United States, cutting production by more than many market analysts had predicted would be the case. Oil production in the […]