Oil Rallies After API Reports Large Draw In Crude, Gasoline Inventories

The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 6.360 million barrels for the week ending August 28. Analysts had predicted an inventory draw of 1.887-million barrels. In the previous week, the API reported a draw in crude oil inventories of 4.524 million barrels, after analysts had predicted a smaller draw of 3.694 million barrels. While OPEC has had significant success with its oil production cut pact, global oil demand is still significantly down, and market analysts are not expecting a quick return.…