Oil Jumps After API Reports Draws in Crude and Fuel Inventories

Crude oil inventories in the United fell by 1.58 million barrels for the week ending October 11, according to The American Petroleum Institute (API). Analysts had expected a build of 3.2 million barrels. For the week prior, the API reported a 10.9-million-barrel build in crude inventories. So far this year, crude oil inventories have slumped by 7 million barrels since the beginning of the year, according to API data. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 1…