The American Petroleum Institute (API) estimated on Tuesday a small crude oil inventory draw of 483,000 barrels for the week ending May 29. Analysts had predicted an inventory build of 3.038 million barrels . In the previous week, the API estimated a build in crude oil inventories of 8.731 million barrels . Meanwhile, the EIA’s estimates were for more muted, with the industry body reporting last week that the inventories had climbed by 7.9 million barrels . WTI was trading up on Tuesday afternoon prior to the API’s data release as OPEC pushed up the timeline for its meeting to discuss the future of the group’s current oil production cut plans which are set to expire at the end of June. Indications are that Saudi Arabia hopes to extend the cuts in some form until the end of the year, while Russia is rumored to prefer an extension of […]