The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 1.163 million barrels for the week ending August 13, bringing the total 2021 crude draw so far to more than 56 million barrels, using API data. Analysts had expected a loss of 1.259 million barrels for the week. In the previous week, the API reported a draw in oil inventories of 816,000 barrels —a loss smaller than the 1.050 million barrel draw that analysts had predicted. The price of a WTI barrel had fallen earlier on Tuesday—rounding out the fourth day of consecutive losses and the longest losing streak since March. WTI lost more than 1% on Tuesday afternoon leading up to the data release. At 3:00 p.m. EST, WTI was trading at $66.58—a $.50 loss on the day and $2 per barrel loss on the week. Brent crude was trading down 0.45% for […]