The American Petroleum Institute (API) reported a sizable crude oil inventory draw of 6.127 million barrels for the week ending Jan 4, compared to analyst expectations that we would see a smaller draw in crude oil inventories of 3.300 million barrels . Last week, the API reported a surprise crude draw of 4.5 million barrels . A day later, the EIA showed that inventories had remained virtually unchanged from the previous week. Leading up to today‚Äôs data release from the API, crude oil prices were trading substantially up on the day and up on the week as hopes emerge that trade talks between China and the United States will end favorably, and as signs indicate that OPEC is doing its duty in curbing oil exports as part of the new production cut deal that went into effect at the first of the month. At 12:38pm EST on Tuesday, WTI […]