Unexpected Crude Draw Fails To Move Oil Prices
The American Petroleum Institute (API) reported a surprise draw this week for crude oil of 4.496 million barrels, compared to analyst predictions of a 2.533 million barrel build. U.S. crude inventories have shed some 76 million barrels since the start of 2021 and about 19 million barrels since the start of 2020. In the week prior, the API reported a build in crude oil inventories of 7.757 million barrels after analysts had predicted a much smaller build of 1.367 million barrels. Oil prices were trading down on Tuesday as Shanghai prepared to reopen…