The American Petroleum Institute (API) reported a draw of 6.356 million barrels of United States crude oil inventories, against a survey of S&P Global Platts analysts that predicted an inventory drawdown of just 2.1 million barrels . Last week API had reported a more than 6-million-barrel build, so this week erases the ugly build API rang in last week. Gasoline inventories, according to the API, also saw a build this week, of 869,000 barrels for the week ending November 17, close to the expected build of 1 million barrels. All eyes may be on OPEC’s comings and goings in the next couple of weeks leading up to the meeting in Vienna that may determine the fate of the current OPEC oil production cut—but OPEC’s eyes are closely watching US crude oil inventories—the most transparent and visible oil inventory metric in the world—to determine the extent to which they must […]