The American Petroleum Institute (API) reported a small crude oil inventory draw of 1.401 million barrels for the week ending July 11, compared to analyst expectations of a 2.69-million barrel draw. The inventory draw this week is disappointing after last week’s large draw of 8.129 million barrels, according to the API. A day later, the EIA had estimated an even bigger inventory drawdown of 9.5 million barrels. After a string of inventory draws, the net build is now just 12.16 million barrels for the 29-week reporting period so far this year, using API data. Oil prices were trading down on Tuesday after shocking reports that US Secretary of State Mike Pompeo announced that Iran was ready to negotiate about the details of its missile program. Tensions over oil flows near the Strait of Hormuz have kept a floor under oil prices that would otherwise have fallen on recent weak […]