Oil Rebounds On Bullish API Inventory Data

The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 4.261 million barrels for the week ending January 29, along with gasoline, distillate, and Cushing draws as well. Analysts had predicted an inventory build of 446,000 barrels for the week. In the previous week, the API reported a draw in oil inventories of 5.272-million barrels, after analysts had predicted a small build of 430,000 barrels. Oil prices were trading up on Tuesday ahead of the data release as the market heads further in backwardation territory…