Major Crude Draw Offset By Jump In Gasoline Stocks

This week, the American Petroleum Institute (API) estimated the inventory draw for crude oil to be 6.432 million barrels, after analysts predicted a much smaller 3.40 million barrel draw. U.S. crude inventories shed a total of some 75 million barrels over the course of 2021. In the previous week, the API reported a draw in oil inventories of 3.09 million barrels after analysts had predicted a draw of 3.233 million barrels. Oil prices were trading up on Tuesday in the run-up to the data release, after OPEC+ decided on Tuesday to increase its…