The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 4.401 million barrels for the week ending August 7. Analysts had predicted a modest inventory draw of 2.875-million barrels. In the previous week, the API reported a considerable draw in crude oil inventories of 8.587 million barrels, after analysts had predicted a draw less than half that size. Despite oil prices rising earlier in the day on Tuesday, WTI was trading down on Tuesday afternoon before the API’s data release as prices remain rangebound as OPEC’s cut delivers but the demand picture remains shrouded with uncertainty, even as the number of new coronavirus cases in the United States is now falling. Oil production in the United States now appears to be leveling off after falling from 13.1 million bpd on March 13 to 11.0 million bpd on July 31, according to the […]