Oil Rally Extends As API Reports Draws Across the Board

Crude oil inventories in the United States fell this week by 2.286 million barrels for the week ending March 29, according to The American Petroleum Institute (API). Analysts had expected an inventory draw of 2 million barrels. This comes after the API reported a staggering 9.337-million-barrel jump 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 another 0.6 million barrels as of March 29. Inventories are now at 363.6 million…