The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 4.524 million barrels for the week ending August 21. Analysts had predicted an inventory draw of 3.694-million barrels . In the previous week, the API reported a draw in crude oil inventories of 4.264 million barrels , after analysts had predicted a draw of 2.670 million barrels. Oil prices were trading up on Tuesday afternoon before the API’s data release, and at 2:51 pm EDT, WTI had risen by $0.77 (+1.81%) to $43.39—about $1 over last week’s levels. The Brent crude benchmark had risen by $0.82 (+1.82%) to $45.95, just under a $1 rise. Oil prices have failed to gain any real traction over the past month, even with OPEC’s historic production cut and production declines in the United States, on the back of grim forecasts of subdued future oil demand in the coming […]