-
Oil Prices Tank After API Reports 2nd Biggest Crude Build In U.S. History
U.S. crude oil inventories increased by a whopping 14.227 million barrels, according to this week’s American Petroleum Institute (API) inventory report published on Tuesday afternoon, pressing down further on already falling prices. The build is the second largest build in U.S. history, according to Zerohedge. Analysts were anticipating a much more conservative crude oil inventory build of 2.38 million barrels, according to Market Realist. While reduced OPEC production for January has seemed to support higher oil prices, reports of OPEC’s accomplishments have lost some sway in recent weeks in the wake of the ... (full story)