NEW YORK: The American Petroleum Institute (API) estimated on Tuesday another build in crude oil inventories, this time of 3.857 million barrels for the week ending.
Analysts had predicted a small inventory draw of 152,000 barrels.
In the previous week, the API shocked the market with a massive spike in crude oil inventories of 8.42 million barrels, after analysts had a far more benign draw in mind, after U.S. production continues to fall.
WTI was trading up prior to the API’s data release despite fears that the United States may see a second wave of Covid-19. Despite those fears, a second shutdown in most states – the likes of which could stymie further demand for oil – seems unlikely.