WTI Climbs Above $61 As Crude Stocks Dwindle

The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 5.8 million barrels for the week ending February 12. Analysts had predicted an inventory draw of 2.429 million barrels for the week. In the previous week, the API reported a draw in oil inventories of 3.500-million barrels after analysts had predicted a build of 985,000 barrels. Oil prices were trading up on Tuesday ahead of the data release, supported by the shock of freezing temperatures across parts of the United States, including Texas, which caused…