Oil Rally Stalls On Larger Than Expected Crude Inventory Build

The American Petroleum Institute (API) reported on Tuesday a bigger build than expected in crude oil inventories of 4.577 million barrels for the week ending October 23. Analysts had predicted a much smaller inventory build of 1.11 million barrels. In the previous week, the API reported a surprise build in oil inventories of 584,000 barrels, after analysts had predicted a draw of 240,000 barrels. Oil prices were trading up on Tuesday afternoon before the API’s data release, despite the depressed demand outlook that persists in the market.…