Surprise Crude Build Pushes Oil Prices Down ...Middle East

The American Petroleum Institute (API) on Tuesday reported a build in crude oil inventories of 436,000 barrels for the week ending April 16. Analysts had predicted a draw of 2.860 million barrels for the week. In the previous week, the API reported a draw in oil inventories of 3.608 million barrels after analysts had predicted a draw of 2.889-million barrels. Plains All American tanks at main Cushing area as of April 16. Oil prices were trading down on the day prior to the data release on demand fears, sparked by a rise in the number of Covid-19…

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