Oil Prices Slide After API Reports Large Crude Build

The American Petroleum Institute (API) reported a build of 11.6
million barrels in United States crude inventories against expert
predictions that domestic supplies would see a much kinder 1.4-million-to 1.66-million-barrel build.

The
build in crude oil inventories was almost 10 times what analysts had
predicted and marks yet another new high in U.S. inventories. The chart
below displays a 10-week cumulative build of 35 million barrels, per API
data, since the beginning of the year.