U.S. crude oil inventory data for the week just released by the American Petroleum Institute ( API ) shows a 1.3 million-barrel draw in line with consensus forecasts, making this a larger reduction in inventory than last week. The draw may help marginally to support crude oil prices, which have fallen over the past week as the market turns bearish in light of fears of a worsening glut as U.S. producers pick up production. Cushing inventory fell by 1.3 million barrels, according to the API. Genscape had estimated a small build to the contrary. In terms of gasoline, inventory was down 0.45 million in what is good news for gas stocks, but distillates showed a 0.5 million-barrel build. Oil prices have been highly volatile all day, but slid to US$39.50. Right before the API data was released, oil was sitting at US$39.60, but the immediate reaction to […]