Oil Rises on Larger Than Expected Crude Draw

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 4.6 million barrels for the week ending March 21. Analysts had expected a dip of 2.5 million barrels. So far this year, crude oil inventories have climbed more than 16 million barrels, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 0.2 million barrels again to 396.1 million barrels in the week ending March 21.…