Oil Price Rally On Hold After API Reports Rising Crude Inventories

The American Petroleum Institute (API) estimated on Tuesday a build in crude oil inventories of 2.048 million barrels for the week ending July 3. Analysts had predicted an inventory draw of 3.114 million barrels. In the previous week, the API reported a major decrease in crude oil inventories of 8.156 million barrels, after analysts had predicted a much smaller build. It was the largest crude draw this year. WTI was trading slightly down on Tuesday afternoon prior to the API’s data release with prices feeling minor pressure from an increase…