Oil Prices Tank After API Reports Strong Build In Crude Inventories

The American Petroleum Institute (API) reported a shocking build of 6.513 million barrels of United States crude oil inventories, against a Wall Street Journal analyst expectation that inventories would draw down by 1.4 million barrels for the week ending November 10.  Three polled analysts expected a rise, and eight expected them to fall. The spread of the forecasts was wide, ranging from a draw of 3.5 million barrels to a build of 2.5 million barrels—significantly short of the massive build the API reported. Gasoline inventories, according…
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