Across The Board Draws Send Oil Prices Higher

The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 4.401 million barrels for the week ending August 7. Analysts had predicted a modest inventory draw of 2.875-million barrels. In the previous week, the API reported a considerable draw in crude oil inventories of 8.587 million barrels, after analysts had predicted a draw less than half that size. Despite oil prices rising earlier in the day on Tuesday, WTI was trading down on Tuesday afternoon before the API’s data release as prices remain rangebound…