API Reports Larger-Than-Expected Crude Draw Ahead Of Key OPEC Meeting ...Middle East

The American Petroleum Institute (API) on Tuesday reported a large draw in crude oil inventories of 4.045 million barrels for the week ending August 27, bringing the total 2021 crude draw so far to more than 62 million barrels, using API data. Analysts had expected a loss of 2.833 million barrels for the week. In the previous week, the API reported a draw in oil inventories of 1.622 million barrels—a loss smaller than the 2.367 million barrel draw that analysts had predicted. Oil prices fell on Tuesday leading up to a critical OPEC meeting…

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