The American Petroleum Institute (API) reported a small crude oil inventory draw of 998,000 barrels for the week ending February 8, close to analyst expectations that predicted a build in crude oil inventories to the tune of 2.300 million barrels . Last week, the API reported a surprise crude build of 2.514 million barrels. A day later, the EIA confirmed the inventory build, but a smaller one at 1.3 million barrels. Oil prices were trading up on the day prior to the data released on Tuesday as OPEC’s heavyweight Saudi Arabia promised to cut even deeper both oil production and exports in the month of March. Saudi Arabia’s Energy Minister, Khalid al-Falih, said that Saudi Arabia would taper oil production down to 9.8 million barrels per day in March, or roughly 500,000 below its production quota under the OPEC+ deal reached last month. At 2:51pm EST on Tuesday, WTI […]