Oil sinks ahead of EIA inventory data Another large inventory build, reported by API on Tuesday, is piling further pressure on oil prices, as we await a more widely followed release from EIA later today. Estimates suggest we may see a slight drawdown but that's very much at odds with the near-five million barrel build that API reported. With oil now trading back near the recent lows, we could see a real test of whether there was actually any substance behind last week's rebound. A break below $50 in WTI crude could be a very bearish signal in the near-term while at the same time likely being influential when it comes ... (full story)