The American Petroleum Institute (API) has estimated a crude oil inventory build of 1.41 million barrels for the week ending December 4, compared to analyst expectations of a 2.763-million-barrel draw in inventory. Last week saw a draw in crude oil inventories of 3.72 million barrels, according to API data. The EIA’s estimates reported a larger draw of 4.9-million barrels for that week. After today’s reported inventory move, the net inventory moves so far this year—almost the end of the year–stand at a modest draw of 1.41 million barrels for the 50-week reporting period so far, using API data. Oil prices were up on the day, albeit just slightly, but both WTI and Brent are up more than $3 per barrel over last week’s prices at this time, after OPEC+ managed to seal a deal to cut its oil production even deeper. WTI spot prices were trading up moderately on […]