Oil Jumps on Significant Crude Inventory Draw

Crude oil inventories in the United States fell by 9.163 million barrels for the week ending June 28, according to The American Petroleum Institute (API), after analysts had expected a 150,000 barrel draw. For the week prior, the API reported a 914,000 barrel build in crude inventories. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.4 million barrels as of June 28. Inventories are now at 372.6 million barrels—the highest level since December 2022, but still…