API Reports Another Larger-Than-Expected Crude Draw ...Middle East

Crude oil inventories sagged by another 4.2 million barrels, American Petroleum Institute (API) data showed on Tuesday, after dropping 5.8 million barrels in the week prior. Analysts anticipated a smaller 2.2 million barrel draw. U.S. crude inventories may have grown by roughly 21 million barrels so far this year, according to API data, but crude stored in the nation’s Strategic Petroleum Reserves sunk by nearly 10 times that figure so far this year— by 203 million barrels. The SPR now contains the least amount of crude oil since…

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