Oil Inches Closer To $110 As API Reports Surprise Inventory Draw

The American Petroleum Institute (API) estimated that there was a large surprise draw this week for crude oil of 6.1 million barrels after analysts predicted a build of 2.796 million barrels. U.S. crude inventories have shed some 80 million barrels since the start of 2021 and about 22 million barrels since the start of 2022. Global crude stockpiles are also low, and the markets are spooked that they could fall even lower should Russia's crude oil exports be curtailed with sanctions. In the week prior, the API reported a build in crude oil inventories…