Oil Prices Bolstered By Crude Inventory Draw ...Middle East

The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 2.533 million barrels for the week ending May 7. Analysts had predicted a draw of 2.817 million barrels for the week. In the previous week, the API reported a massive draw in oil inventories of 7.688 million barrels after analysts had predicted a draw of 2.346 million barrels. Since the start of 2020, crude oil inventories have grown by more than 50 million barrels, according to API data. Oil prices were trading up on the day prior to the data release…

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