The American Petroleum Institute (API) has reported a major surprise build of 5.321 million barrels of U.S. crude oil inventories for the week ending March 23, with the market expected to respond by erasing last week’s gains. Analysts had been expecting little change after last week saw a surprise draw. This week’s API data also show a 1.655-million crude inventory build at Cushing, but gasoline and distillates saw a big draw. The API reported a gasoline draw of 5,799 million barrels, and a distillate draw of 2.23 million barrels. Last week , the API reported a surprise draw of 2.739 million barrels of United States crude oil inventories for the week ending March 16, defying analyst expectations of a build of the same amount. Oil prices, which had enjoyed a boost to a two-month last week on geopolitical risk levels, were already refocusing on crude inventory data by Tuesday […]