Strong Crude Draw, Falling Inventories At Cushing Support Oil Prices

The American Petroleum Institute (API) has reported a large 5.25-million-barrel draw in U.S. crude inventories, offsetting last week’s 1.174-million-barrel build. Analysts were expecting an inventory draw of 2.667 million barrels for the week. The total number of barrels of crude oil moves so far this year is now squarely in the red, according to API data, and there is a net draw in crude inventories since April of more than 52 million barrels. On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic…