Oil's recovery stalled on API build

The American Petroleum Institute (API) data showed a build of 3.4mln barrels.

The Stockpile data for oil in the API's weekly survey offered a crude building up with 3.45 mln barrels, Cushing's build was 1.46mln barrels, Gasoline was up 271K barrels and Distillate were down 1.36mln bbls.

Oil has been as high as $44.82bbl but was capped by the 200 sma on the 1hr sticks at $44.68 and sent back to test the mid-point of $44 bbls. The rally commenced at $43.26 intra session.