Oil Rises Further As API Reports Large Crude Draw ...Middle East

The American Petroleum Institute (API) reported a large draw this week for crude oil of 3.799 million barrels, while analysts predicted a draw of 110,000 barrels. The build comes as the Department of Energy released 6.9 million barrels from the Strategic Petroleum Reserves in Week Ending June 24. U.S. crude inventories have shed some 71 million barrels since the start of 2021 and about 15 million barrels since the start of 2020, according to API data. In the week prior, the API reported a build in crude oil inventories of 5.607 million barrels—the…

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