Oil came under renewed pressure yesterday, with NYMEX WTI leading the way lower, settling almost 8% down on the day. This pressure came as Genscape reported a 5.8MMbbls increase in crude oil inventories at Cushing, the WTI delivery hub. The large crude oil builds should not come as too much of a surprise, with refineries responding to weaker products demand by reducing run rates. Later today, the API will release its inventory numbers for the US, and expectations are that total US crude oil inventories increased by around 9MMbbls over the last week, according to a Bloomberg survey. Meanwhile the EIA today will also ... (full story)