The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a large draw of 4.8 million barrels in the week ending December 5. Crude oil inventories shrank by 2.48 million barrels in the week prior. Crude oil inventories in the United States are so far showing a net increase of just 121,000 barrels for the year, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) have risen by 200,000…
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