Oil Recoups Losses As API Reports Large Crude Inventory Draw

The American Petroleum Institute (API) estimated that there was a draw this week for crude oil of 3.0 million barrels, compared to analyst predictions of a 1.558 million barrel draw. U.S. crude inventories have shed some 80 million barrels since the start of 2021 and about 23 million barrels since the start of 2020. In the week prior, the API reported a draw in crude oil inventories of 4.28 million barrels after analysts had predicted a build of 25,000 barrels. Oil prices were trading down on Tuesday as it appeared that Ukraine and Russia had made…