Oil Rises As API Reports Major Draw In Crude Inventories

4 Jan 2018   Oil Supply, Prices

The American Petroleum Institute (API) reported a draw of 4.992 million barrels of United States crude oil inventories for the week ending December 29, marking five large draws in as many weeks. This marks the final inventory count for 2017 from the API. This week brings the total crude oil drawdown for 2017 to over 63 million barrels according to the API. (Click to enlarge) Analysts had expected a smaller drawdown of 5.26 million barrels in crude oil . Last week, the American Petroleum Institute (API) reported a large draw of 6.0 million barrels of crude oil, along with an increase in gasoline inventories of 3.1 million barrels. This week, the API is reporting another build in gasoline inventories at 1.87 million barrels for the week ending December 29. The results came in close to forecasts for a 1.864-million-barrel build . WTI and Brent were soaring at multi-year highs […]

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