The American Petroleum Institute (API) reported a build of 1.628 million barrels in United States crude oil inventories, compared to analyst’s expectations that this week would see a draw of 3 million barrels for the week ending July 14. Gasoline inventories saw a significant drawdown, although unlikely to totally offset those who were expected a draw in crude oil inventories. Gasoline inventories fell by 5.448 million barrels for the week ending July 14, compared to analyst expectations that inventories for the fuel would fall by only 500,000 barrels. Crude prices were up on Tuesday afternoon on expectations that the United States would see a drop in inventories for a third week running and reports that Saudi Arabia is considering further oil export cuts to the tune of 1 million barrels per day in its attempt to hasten the crude oil inventory drawdown OPEC and NOPEC has been trying to […]