The American Petroleum Institute (API) reported a huge draw of 5.087 million barrels in United States crude oil inventories, largely in line with an S&P Platts’ survey of analysts that expected inventories would draw down by 1.4 million barrels for the week ending October 27—continuing the extended drawdown in recent weeks. Gasoline inventories, according to the API, saw a major draw of 7.697 million barrels for the week ending October 27, against an expectation of a much more modest draw of 1.7 million barrels. Other analysts, according to Market Watch, estimated a draw of 2.5 million barrels. Both WTI and Brent benchmarks were up on the week and are now up at nearly two-year highs on renewed faith in OPEC’s ability to rebalance the oil market, aided by the notion that OPEC is likely to extend the current production cut deal until the end of 2018. Further support came […]