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US oil inventories had another massive build last week
US crude oil inventories had another massive build last week. According to the Energy Information Administration, crude stockpiles rose by 4.7 million barrels last week. It was the biggest rise in nearly five months. This data follows the report from the American Petroleum Institute on Tuesday evening that showed a massive build by 7.6 million barrels, the biggest in nearly five months. Following the API release, West Texas Intermediate crude oil collapsed 10%, after being down by up to 7% earlier. And after the EIA release, WTI slipped nearly 3%. WTI has been incredibly volatile over the past few days. Yesterday's ... (full story)