The American Petroleum Institute (API) reported a small draw of 519,000 barrels in United States crude oil inventories, largely inline with an S&P Platts’ survey of analysts that expected inventories would draw down by 425,000 barrels for the week ending October 20—in a sign that oil inventories in the U.S. continue to fall. Gasoline inventories, according to the API, saw a huge draw of 5.753 million barrels for the week ending October 20, against a smaller expected draw of 2.3 million barrels. Both WTI and Brent benchmarks were up on lingering concerns that the US/Iran standoff could disrupt oil supplies, along with disruptions to oil production in Iraq as the referendum continues to pit Turkey, Iran, and Iraq governments against the Iraqi Kurds—a volatile situation that has the potential to spark a civil war. But prices started to slip on Tuesday as reality set in as robust supply capacity […]