The American Petroleum Institute (API) has estimated a crude oil inventory draw of 3.72 million barrels for the week ending November 28, compared to analyst expectations of a 1.798-million-barrel draw in inventory—the biggest draw since September. Last week saw a build in crude oil inventories of 3.639 million barrels , according to API data. The EIA’s estimates, however, reported a smaller build of 1.6-million barrels for that week. After today’s reported inventory move, the net inventory moves so far this year stand at a draw of 2.98 million barrels for the 49-week reporting period so far, using API data. WTI spot prices were trading up on Tuesday prior to the data release despite disappointing trade negotiation news courtesy of President Trump. At 12:12pm EST, WTI was trading up 0.13% (+$0.07) at $56.03—more than $2 per barrel lower than last week’s levels. The price of a Brent barrel, on the […]