Biggest Crude Inventory Build of Decade Slams Oil Bulls ...Middle East

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Biggest Crude Inventory Build of Decade Slams Oil Bulls
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose sharply for the second week in a row, this time gaining an additional 19.10 million barrels in the week ending July 11. That’s on top of last week’s 7.1 million barrel build. It is the largest single week build reported by the API in at least a decade. Analysts were a mile off, estimating a 2.0-million-barrel draw. So far this year, crude oil inventories are up 30 million barrels, according to Oilprice calculations of API data, with…

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