The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 1.622 million barrels for the week ending August 20, bringing the total 2021 crude draw so far to more than 58 million barrels, using API data. Analysts had expected a loss of 2.367 million barrels for the week. In the previous week, the API reported a draw in oil inventories of 1.13 million barrels—a loss smaller than the 1.259 million barrel draw that analysts had predicted. Oil prices began to rise on Monday and continued on Tuesday, staunching…
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