The latest weekly American Petroleum Institute (API) data recorded an inventory build of 4.8mn barrels. This followed a 3.8mn draw the previous week. Markets were expecting a smaller build of around 1.5mn barrels, although estimates of the likely build had been gradually increasing ahead of the data release. The build will tend to maintain a more fragile tone in crude given concerns that the run of inventory drawdowns is coming to a close, although maintenance schedules are liable to distort the data in the short term. There was another sharp draw in Cushing stocks of 2.3mn barrels due to a continuing impact from the ... (full story)