The American Petroleum Institute (API) reported a large draw this week for crude oil of 5.632 million barrels, while analysts predicted a draw of 448,000 barrels. The build comes as the Department of Energy released a massive 8.1 million barrels from the Strategic Petroleum Reserves in week ending August 19, leaving the SPR with just 453.1 million barrels. U.S. crude inventories have shed some 67 million barrels since the start of 2021, with a 4 million barrel gain since the start of 2020, according to API data. In the week prior, the API reported a draw in crude oil inventories of 448,000 barrels after analysts had predicted a draw of 117,000 barrels. WTI was trading up on Tuesday after Saudi Arabia suggested that the group could look at making production adjustments due to the disconnect between the physical and paper crude markets. WTI was trading up 3.72% on the […]