The American Petroleum Institute (API) has estimated a surprise crude oil inventory build of 401,000 barrels for the week ending Aug 29, compared to analyst expectations of a 3.50-million barrel draw. The inventory build this week takes away from last week’s draw in crude oil inventories of 11.1 million barrels, according to API data. The EIA estimated that week that there was an inventory draw of 10.0 million barrels. After today’s inventory move, the net draw for the year is 18.68 million barrels for the 36-week reporting period so far, using API data. Oil prices were trading sharply up on Wednesday prior to the ... (full story)