API Reports Large Draw in Crude Inventories

Crude oil inventories in the United States fell again this week, this time by 4.495 million barrels for the week ending July 26, according to The American Petroleum Institute (API), after analysts predicted a smaller 2.333 million barrel draw. For the week prior, the API reported a 3.9 million barrel draw in crude inventories. This week marks the fifth week in a row of API-estimated inventory draws for crude oil, for a total loss of 24 million barrels during that time. On Monday, the Department of Energy (DoE) reported that crude oil inventories…