# Oil ends down but off lows, then slides on API report

> Oil settled lower on Tuesday after touching one-month lows, then fell further after hours. The American Petroleum Institute reported a U.S. crude inventory build of 9.3 million barrels for the week to Oct. 28, far above the roughly 1 million barrel build analysts expected. Doubts over whether OPEC members would cut production also weighed on prices.

- Date: 2016-11-01 · published 2016-11-01T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/74005-oil-ends-down-but-off-lows-then-slides-on-api-report
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A large unexpected build in US crude stocks signals weaker demand relative to supply, which pressures crude and energy-linked prices. Weaker energy values reduce support for biofuel-linked demand for corn and soybean oil.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-04-17 | [Comparative Analysis of Monthly Reports on the Oil Market](https://feedsoft.ai/events/41754-comparative-analysis-of-monthly-reports-on-the-oil-market.md) | -4.0% | +3.4% |
| WTI | 2020-08-19 | [Comparative Analysis of Monthly Reports on the Oil Market](https://feedsoft.ai/events/51537-comparative-analysis-of-monthly-reports-on-the-oil-market.md) | +0.8% | -6.3% |
| WTI | 2020-04-15 | [Oil Market Report - April 2020 - IEA](https://feedsoft.ai/events/4479-oil-market-report-april-2020-iea.md) | -32.0% | +25.9% |
| WTI | 2017-11-29 | [Oil supply outages fall as OPEC decides on extension of production restraint agreement Report \| Wood Mackenzie](https://feedsoft.ai/events/67894-oil-supply-outages-fall-as-opec-decides-on-extension-of-production-restraint.md) | -0.6% | +2.9% |
| WTI | 2019-10-01 | [Oil slides 2.5% as US inventories build, weak economic data weighs](https://feedsoft.ai/events/56752-oil-slides-2-5-as-us-inventories-build-weak-economic-data-weighs.md) | -2.5% | +2.9% |
| BRENT | 2020-08-19 | [Comparative Analysis of Monthly Reports on the Oil Market](https://feedsoft.ai/events/51537-comparative-analysis-of-monthly-reports-on-the-oil-market.md) | +1.2% | -11.8% |
| BRENT | 2022-04-17 | [Comparative Analysis of Monthly Reports on the Oil Market](https://feedsoft.ai/events/41754-comparative-analysis-of-monthly-reports-on-the-oil-market.md) | -4.8% | +0.5% |
| BRENT | 2020-04-15 | [Oil Market Report - April 2020 - IEA](https://feedsoft.ai/events/4479-oil-market-report-april-2020-iea.md) | -47.7% | +11.5% |

## Sources

- reuters.com: https://www.reuters.com/article/business/oil-ends-down-but-off-lows-then-slides-on-api-report-idUSKBN12W2M0/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.