Second Surprise Crude Build Caps Oil Price Gains
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The American Petroleum Institute (API) on Tuesday reported another surprise build in crude oil inventories of 951,000 barrels for the week ending October 1. This compares to analyst expectations for a loss of 300,000 barrels for the week. It is the second week in a row that estimates were on the wrong side of zero. In the previous week, the API reported a surprise build in oil inventories of 4.127 million barrels—a market shock considering the 2.333 million barrel draw that analysts had predicted for that week. Oil prices rose on Tuesday…
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