Oil Prices Under Pressure As API Reports Inventory Build

The American Petroleum Institute (API) reported a build in crude oil inventories of 3.910 million barrels for the week ending March 26. Analysts had predicted a much smaller inventory build of 107,000 barrels for the week. In the previous week, the API reported a build in oil inventories of 2.927 million barrels after analysts had predicted a build of 272,000 barrels.

Oil prices were trading down on the day prior to the data release, with WTI trading down $0.96 at 2:45 p.m. EDT at $60.60, while Brent crude traded down $0.78 at $64.20 per barrel.…