The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 816,000 barrels for the week ending August 6, bringing the total 2021 crude draw so far to nearly 56 million barrels, using API data. Analysts had expected a loss of 1.050 million barrels for the week. In the previous week, the API reported a draw in oil inventories of 879,000 barrels—a figure much smaller than the nearly 3 million barrel draw that analysts had predicted. The price of a WTI barrel had risen earlier on Tuesday after a brutal…
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