Oil Markets Retreat After API Reports Large Gasoline Build

A large build in gasoline inventories which offset a modest draw in crude oil inventories cooled bullish sentiment in markets somewhat on Tuesday afternoon The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 4.264 million barrels for the week ending August 14—a near mirror of last week’s draw figure. Analysts had predicted a modest inventory draw of 2.670-million barrels. In the previous week, the API reported a draw in crude oil inventories of 4.401 million barrels, after analysts had predicted…