Surprise Crude Draw Sends Oil Prices Soaring

The American Petroleum Institute (API) estimated on Tuesday a small crude oil inventory draw of 483,000 barrels for the week ending May 29. Analysts had predicted an inventory build of 3.038 million barrels. In the previous week, the API estimated a build in crude oil inventories of 8.731 million barrels. Meanwhile, the EIA’s estimates were for more muted, with the industry body reporting last week that the inventories had climbed by 7.9 million barrels. WTI was trading up on Tuesday afternoon prior to the API’s data release as OPEC…