The American Petroleum Institute (API) reported a draw this week for crude oil of 2.445 million barrels, compared to analyst predictions of a 1.533 million barrel build. The draw comes even as the Department of Energy released 5 million barrels from the Strategic Petroleum Reserves in Week Ending May 13. U.S. crude inventories have shed some 76 million barrels since the start of 2021 and about 18 million barrels since the start of 2020, according to API data. In the week prior, the API reported a build in crude oil inventories of 1 .618 million barrels after analysts had predicted a draw of 457,000 barrels. Oil prices were trading up on Tuesday as the market anticipates a resurgence in oil demand from China, with Shanghai returning to normal as early as June 1. WTI was trading up 0.56% at $114.80 per barrel on the day at 11:21 a.m. ET—up […]