Oil Rises Further On Large Crude, Gasoline Draws

The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 4.524 million barrels for the week ending August 21. Analysts had predicted an inventory draw of 3.694-million barrels. In the previous week, the API reported a draw in crude oil inventories of 4.264 million barrels, after analysts had predicted a draw of 2.670 million barrels. Oil prices were trading up on Tuesday afternoon before the API’s data release, and at 2:51 pm EDT, WTI had risen by $0.77 (+1.81%) to $43.39—about $1 over last week’s…