The American Petroleum Institute (API) reported a build in crude oil inventory of 4.1 million barrels for the week ending April 5, coming in over analyst expectations of a 2.294-million-barrel build. Last week, the API reported a surprise build in crude oil of 3.0 million barrels. A day later, the EIA confirmed the build, but a much more significant, shocking markets with a report of a 7.2 million buildup in inventory. Including this week’s data, the net build is now 7.53 million barrels for the 13-week reporting period so far this year, using API data. WTI was trading down on Tuesday before the data release at $64.02, down $0.38 (-0.59%) on the day at 12:29pm, although up week on week. The Brent benchmark was also trading down on the day at $70.77, down $0.33 (-.46%) at that time. The Brent benchmark was also up week on week. The recent […]