Oil Prices Slip On Crude, Distillates Inventory Build

The American Petroleum Institute (API) reported a surprise build this week for crude oil of 1.080 million barrels, compared to analyst predictions of a 1.558 million barrel draw. U.S. crude inventories have shed some 79 million barrels since the start of 2021 and about 22 million barrels since the start of 2020. In the week prior, the API reported a draw in crude oil inventories of 3.0 million barrels after analysts had predicted a draw of 1.558 million barrels. Oil prices were trading down on Tuesday, largely in response to the White House's plan…