The American Petroleum Institute (API) reported a crude oil draw of 3.16 million barrels of United States crude oil inventories for the week ending July 21, compared to analyst expectations that this week would see a smaller draw in crude oil inventories of 2.331 million barrels. Last week, the American Petroleum Institute (API) reported a surprise build of 629,000 barrels of crude oil. The API also reported a huge draw in gasoline inventories for week ending July 21 in the amount of 4.87 million barrels. Analysts predicted the draw, but expectations were for a much smaller one of 713,000 barrels . Crude oil prices were trading up today as tensions continued to escalate between Iran and the United States and as IMF’s prediction that Venezuela would see a million-percent inflation rate this year, making any oil production increases that Venezuela may have had its sights set on seem like […]