Second Surprise Crude Build Caps Oil Price Gains

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…