Oil Prices Rise On Major Crude Inventory Draw

The American Petroleum Institute (API) reported a large draw this week for crude oil of 5.632 million barrels, while analysts predicted a draw of 448,000 barrels. The build comes as the Department of Energy released a massive 8.1 million barrels from the Strategic Petroleum Reserves in week ending August 19, leaving the SPR with just  453.1 million barrels. U.S. crude inventories have shed some 67 million barrels since the start of 2021, with a 4 million barrel gain since the start of 2020, according to API data. In the week prior, the API…