A big drop in U.S. crude oil inventories and jousting over Iranian exports of oil put the price of oil in another rally phase on Wednesday. After the market closed on Tuesday, the American Petroleum Institute reported U.S. crude oil inventories declined by 9.2 million barrels last week. That’s sharply higher than the forecast by S&P Global Platts of a 2.3 million barrel draw, which it said was supported by higher U.S. crude oil exports. The drain is concerning in a market situation where supply is relatively close to demand. A deficit is supportive of crude oil prices and the market will be tested later in the day when the U.S. Energy Information Administration releases […]