Oil Price Losses Mount After API Reports Huge Inventory Build

he American Petroleum Institute (API) reported a huge build of 9.88 million barrels of United States crude oil inventories for the week ending October 19, compared to analyst expectations that this week would see a hefty build in crude oil inventories of 3.694 million barrels. Last week, the American Petroleum Institute (API) reported a surprise draw in crude oil inventories of 2.13 million barrels for the week. One day later, the Energy Information Administration reported a build instead, of 6.5 million barrels. The API reported a draw in gasoline inventories as well for week ending October 19 in the amount of 2.8 million barrels. Analysts had predicted a draw of 1.878 million barrels for the week. Oil prices were down sharply in afternoon trading prior to the release of the API data on inventories as the stock market lost ground earlier in the day. While the Dow Jones regained some ground in late afternoon trading, oil prices continued their decline...MORE