The American Petroleum Institute (API) estimated on Tuesday a large crude oil inventory draw, of 4.8 million barrels for the week ending May 15. Analysts had predicted an inventory build of 1.151 million barrels . In the previous week, the API estimated a large build in crude oil inventories of 7.58 million barrels. Meanwhile, the EIA’s estimates were for wildly different, with the industry body reporting last week that the inventories had fallen by 700,000 barrels . WTI was trading up on Tuesday afternoon prior to the API’s data release, but the day had already seen swings from a gain for the day to a loss, then back to a gain as the demand picture looks a bit rosier than has in past weeks on the last day of the June futures contract—a day that last month was plagued with uncertainty and negative oil prices. Oil production in the […]