Crude oil from the nation’s Strategic Petroleum Reserves may be headed into commercial inventories, but the American Petroleum Institute (API) still reported a draw this week for crude oil of 1.181 million barrels, while analysts predicted a draw of 67,000 barrels. The draw comes even as the Department of Energy released 5.4 million barrels from the Strategic Petroleum Reserves in Week Ending May 27. U.S. crude inventories have shed some 76 million barrels since the start of 2021 and about 19 million barrels since the start of 2020, according to API data. In the week prior, the API reported a small build in crude oil inventories of 567,000 barrels after analysts had predicted a draw of 690,000 barrels. Oil prices rose on Wednesday as China’s financial hub, Shanghai, reopened after two months of Covid-19 lockdowns. WTI was trading up 0.05% on Monday at $114.70 per barrel on the day […]