As oil prices continues to fall, the American Petroleum Institute (API) reported a draw of 2.028 million barrels of United States crude oil inventories for the week ending June 1, compared to analyst expectations that this week would see a smaller draw in crude oil inventories of -1.824 million barrels . Last week, the American Petroleum Institute (API) reported a build of 1.001 million barrels of crude oil. However, the API reported a large buildup in gasoline inventories for week ending June 1 in the amount of 3.759 million barrels. Analysts had expected a much smaller build of 587,000 barrels . Both benchmarks were trading down significantly week on week on Tuesday afternoon as reports surfaced that the United States had quietly asked Saudi Arabia and other OPEC nations to raise oil production by 1 million bpd. Combined with hedge funds boosting their short positions, those two catalysts outweighed […]