The American Petroleum Institute (API) estimated on Tuesday a larger than anticipated crude oil inventory build of 6-million barrels for the week ending February 7, compared to analyst expectations of a 2.987-million-barrel build in inventory. Last week saw a larger than expected build in crude oil inventories of 4.18-million barrels , according to API data. The EIA’s estimates were for a slightly smaller build of 3.4-million barrels for that week. Oil prices were trading slightly up in the afternoon hours, but hardly much of a recovery given the brutal price slide that the oil markets have experienced over the last month as the coronavirus continues to stifle economic activity and threaten oil. At 3:34 pm EST on Tuesday the WTI benchmark was trading up on the day by $0.16 (+0.32%) at $49.73—but still down slightly week on week. The price of a Brent barrel was also trading up on […]