The American Petroleum Institute (API) has estimated a large crude oil inventory draw of 7.9 million barrels for the week ending December 18, compared to analyst expectations of a much smaller 1.833-million-barrel draw in inventory. Last week saw a build in crude oil inventories of 4.7 million barrels, according to API data. The EIA’s estimates reported a draw of 1.1 million barrels for that week. After today’s reported inventory move, the net inventory moves so far this year—almost the end of the year--stand at a build of 3.22…
