Surprise Crude Build Reverses Earlier Oil Price Gains  

The American Petroleum Institute (API) has estimated a surprise crude oil inventory build of 3.7 million barrels for the week ending Aug 8, compared to analyst expectations of a 2.761-million barrel draw. The inventory build this week compares to last week’s draw of 3.4 million barrels, according to API data. A day later, the EIA contradicted the API report, estimating that there was an inventory build instead–of 2.4 million barrels. After today’s inventory move, the net draw for the year is 4.53 million barrels for the 33-week reporting…