Inventory Draws Across The Board Lift Prices

The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 4.728 million barrels for the week ending July 23, bringing the total 2021 crude draw so far to nearly 54 million barrels, using API data. Analysts had expected a draw of 3.433 million barrels for the week. In the previous week, the API reported a surprise build in oil inventories of 806,000 barrels, compared to an expected draw of 4.333 million barrels. The price of a WTI barrel had fallen earlier on Tuesday on renewed fears of the Delta variant…