Inventory Draws Across The Board Jolt Oil Prices

Crude oil inventories in the United States fell this week by 5.521 million barrels for the week ending March 8, according to The American Petroleum Institute (API), largely contradicting analysts, who had predicted a 0.4 million barrel build. The API reported an 423,000-barrel rise in crude inventories in the week prior. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.6 million barrels as of March 8. Inventories are now at 361.6 million barrels. Oil prices were…