API Reports Fourth Straight Oil Inventory Build

The American Petroleum Institute (API) has estimated a small crude oil inventory build of 592,000 barrels for the week ending October 24—close to analyst expectations of a 729,000-barrel build. Last week saw a large build in crude oil inventories of 4.45 million barrels, according to API data. The EIA’s estimates, however, disagreed, reporting a draw of 1.7-million-barrel build for that week. After today’s inventory move, the net draw for the year is now dwindling at 10.23 million barrels for the 44-week reporting period so far,…