The American Petroleum Institute (API) reported another large crude oil inventory draw of 5 million barrels for the week ending June 27, a more ambitious draw than analysts had predicted, at 2.484-million barrels. Last week, the API reported a draw of 7.55-million barrels. A day later, the EIA estimated that US inventories had drawn down by a much larger 12.8 million barrels. The net build is 21.69 million barrels for the 27-week reporting period so far this year, using API data. Oil prices were trading down significantly on Tuesday despite OPEC’s…
