The American Petroleum Institute (API) reported a draw of 761,000 barrels in United States crude oil inventories, compared to analyst expectations that inventories would build by 3.422 million barrels for the week ending September 22. Gasoline inventories built for the first time in two weeks, by 1.470 million barrels for the week ending September 22, against an expected draw of 921,000 barrels . Both WTI and Brent benchmarks fell on Tuesday, but they were both still up over $2.00 week on week. WTI hit 7-month high yesterday at the close of trade, at $52.22. While OPEC failed to deliver to the market any surprises after its OPEC meet in Vienna last week, Turkey’s threat to choke off Kurdish oil exports—along with the gradual acceptance that commercial oil stocks are indeed dwindling—seem to be the catalysts this week that is propping up oil prices. At 2:40pm EST, WTI was trading […]