The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 4.174 million barrels for the week ending November 13. Analysts had predicted an inventory build of 1.95-million barrels . In the previous week, the API reported a large draw in oil inventories of 5.147-million barrels , after analysts had predicted a draw of 913,000 barrels for the week. Oil prices were trading down on Tuesday afternoon before the API’s data release despite significant vaccine news, as OPEC+ indicated that it could extend its current production cuts for an additional three months. Pressuring prices include widespread lockdowns, weaker than anticipated economic data in the United States, and Libya’s surging oil production. In the runup to Tuesday’s data release, at 11:53 a.m. EDT, WTI had fallen by $0.48 (-1.16%) to $40.86 down roughly $0.50 per barrel on the week. The Brent crude benchmark had fallen on […]