Crude Build Disappoints Oil Bulls (Market Trading)

#oil

The American Petroleum Institute (API) has estimated a crude oil inventory build of 3.639 million barrels for the week ending November 21, compared to analyst expectations of a 418,000-barrel draw in inventory.

Last week saw a build in crude oil inventories of 5.954 million barrels, according to API data. The EIA’s estimates, however, reported a build of 1.4-million barrels for that week.

After today’s inventory move, the net draw has swung into build territory for the year, standing at 830,000 barrels for the 48-week reporting period so far, using API data.