The American Petroleum Institute (API) reported a draw this week for crude oil of 1.27 million barrels. U.S. crude inventories have grown by roughly 27 million barrels so far this year, according to API data, while the U.S. Strategic Petroleum Reserves fell by nearly seven times that figure, at 188 million barrels. The draw in crude oil inventories was despite the Department of Energy’s release of 3.6 million barrels from the Strategic Petroleum Reserves in the week ending October 14, leaving the SPR with 405.1 million barrels. In the week prior, the API reported a build in crude oil inventories of 7.054 million barrels. WTI fell further on Tuesday, continuing the price slide that began last week. At 2:12 p.m. ET, WTI was trading down $2.41 (-2.82%) on the day at $83.05 per barrel—down $4 per barrel from the prior week, with the OPEC+ bump completely erased. Brent crude […]