Oil Holds Firm Despite Large Gasoline Build

The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 2.882 million barrels for the week ending September 3, bringing the total 2021 crude draw so far to more than 65 million barrels, using API data. It was shy of the analyst expectations who had estimated a loss of 3.832 million barrels for the week. In the previous week, the API reported a draw in oil inventories of 4.045 million barrels—a loss much larger than the 2.833 million barrel draw that analysts had predicted. Oil prices rose on Wednesday…