The American Petroleum Institute (API) reported a surprise crude oil build of 629,000 barrels of United States crude oil inventories for the week ending July 14 compared to analyst expectations that this week would see a draw in crude oil inventories of 3.622 million barrels. Last week, the American Petroleum Institute (API) reported a massive draw of 6.796 million barrels of crude oil. The API also reported a build in gasoline inventories for week ending July 14 in the amount of 425,000 barrels. Analyst expectations were for a draw of 44,000 barrels . Crude oil prices were trading near flat today despite multiple bearish signals that included Shell lifting its force majeure on its Bonny Light grade, production increases in the Kurdish region in Iraq, and Venezuela’s pie in the sky plans to lift its oil production out of the doldrums through indeterminate means. While today saw minimal price […]