The American Petroleum Institute (API) reported a draw in crude oil inventory of 3.096 million barrels for the week ending April 12, coming in over analyst expectations of a 1.711-million-barrel build. Last week, the API reported a build in crude oil of 4.1 million barrels . A day later, the EIA confirmed the build, with a report of a 7-million-barrel buildup in inventory. Including this week’s data, the net build is now 4.44 million barrels for the 16-week reporting period so far this year, using API data. WTI was trading up on Tuesday before the data release at $63.64, up $0.24 (+0.38%) on the day at 12:55pm, although down week on week. The Brent benchmark was also trading up on the day at $71.32, up $0.14 (+0.20%) at that time. The Brent benchmark was up week on week. The API this week reported a draw in gasoline inventories as […]