The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 6.829 million barrels for the week ending July 24. Analysts had predicted a modest inventory build of 357,000 barrels . In the previous week, the API reported a significant—and unexpected–build in crude oil inventories of 7.544 million barrels , after analysts had predicted a draw. This week’s estimate would seem to undo last week’s shocking inventory build. WTI was trading down on Tuesday afternoon before the API’s data release, as prices recoiled as the government haggles over the next stimulus bill with both the Senate and the House divided and proposing their own legislation. Delays in the next stimulus bill are expected to have a negative effect on oil markets, even with strong OPEC action and 2 million bpd less in US oil production. Oil production in the United States has now fallen from […]