Oil Prices Rise On Large Crude Inventory Draw

The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 5.437 million barrels for the week ending September 10. It exceeded the analyst expectations who had estimated a loss of 3.903 million barrels for the week. In the previous week, the API reported a draw in oil inventories of 2.882 million barrels—a smaller loss than the 3.832 million barrel draw that analysts had predicted. Oil prices fell on Tuesday leading up to the data release—despite the volatile combination of IEA's expectations…