The American Petroleum Institute (API) reported a huge crude oil inventory draw of 10.961 million barrels for the week ending July 18, compared to analyst expectations of a much smaller—but still significant– 4.011-million barrel draw. The inventory draw this week compares to last week’s small draw of 1.401 million barrels, according to the API. A day later, the EIA had estimated an even bigger inventory drawdown of 3.1 million barrels . After today’s extra-large draw—the largest draw this year–the net build is now just 1.20 million barrels for the 30-week reporting period so far this year, using API data. Oil prices were trading up on Tuesday with continuing tensions between Iran and most of the Western world over a series of oil tanker attacks and oil tanker seizures in the eve- important Persian Gulf. Even Libya lifting its force majeure on its largest oilfield, Sharara lacked the teeth to […]