The American Petroleum Institute (API) reported yet another major draw of 6.796 million barrels of United States crude oil inventories for the week ending July 7 compared to analyst expectations that this week would see a smaller—but still large—draw in crude oil inventories of 4.489 million barrels Last week, the American Petroleum Institute (API) reported a large draw of 4.5 million barrels of crude oil. The API reported a draw in gasoline inventories for week ending July 7 in the amount of 1.59 million barrels. Analyst expectations were for a smaller draw of 750,000 barrels . Crude oil prices were up today on multiple supply outages including a weeks-long Libyan oil production disruption and a months-long Venezuelan supply drop, Syncrude’s long-lasting oil sands outage, and a strike by two Norwegian oil workers’ trade unions that was announced today that disrupted production at Shell’s Knarr field and may disrupt more […]