The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 1.663 million barrels for the week ending January 1. Analysts had predicted an inventory draw of 1.271 million barrels for the week. In the previous week, the API reported a draw in oil inventories of 4.785-million barrels , after analysts had predicted a draw of 2.100 million barrels. Both Brent and WTI were up on Tuesday afternoon before the data release after the Ministerial Meeting for OPEC+ dished out a production decrease of nearly a million barrels for February and March, courtesy mostly of Saudi Arabia’s surprise and voluntary 1 million barrel per day cut, more than offsetting production increases that were granted to Russia and for February and March. New lockdowns—and lockdown extensions—continue to cap any gains, with the UK announced a new strict national lockdown this week that will last for six […]