The American Petroleum Institute (API) has estimated a major crude oil inventory build of 10.45 million barrels for the week ending October 10—compared to analyst expectations of a much smaller 2.878-million-barrel build . Last week saw a large build crude oil inventories of 4.13 million barrels , according to API data. The EIA estimated that week that there had been a smaller build of 2.9 million barrels . After today’s inventory move, the net draw for the year is 15.27 million barrels for the 42-week reporting period so far, using API data. Oil Draw Oil prices were trading up on Wednesday prior to the data release after rebounding from persistent grim economic growth outlooks, the most recent of which came from the International Monetary Fund, which said that it sees global economic growth slipping to just 3% this year—the slowest rate of growth since the 2008 financial crisis. At […]