Larger Than Expected Crude Draw Fuels Oil Price Rally ...Middle East

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Larger Than Expected Crude Draw Fuels Oil Price Rally
source : OILPRICE ( Middle East ) () 19
The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 5.36-million barrels for the week ending May 28. Analysts had predicted a draw of 2.114 million barrels for the week. In the previous week, the API reported a draw in oil inventories of 439,000 barrels after analysts had predicted a draw of 1.050 million barrels. Since the start of 2020, crude oil inventories have grown by more than 46 million barrels, according to API data. Oil prices were trading up on Wednesday afternoon, on bullish signals from OPEC…

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