Oil Prices Stable After API Reports Small Crude Draw

The American Petroleum Institute (API) estimated the inventory draw this week for crude oil to be 872,000 barrels after analysts predicted a draw of 400,000 barrels. U.S. crude inventories shed some 75 million barrels since the start of 2021, and about 17 million barrels since the start of 2020. In the week prior, the API reported a build in crude oil inventories of 1.404 million barrels after analysts had predicted a draw of 1.367 million barrels. Oil prices were trading up on Tuesday in the run-up to the data release, erasing Monday's losses…