After the much-awaited news regarding U.S. sanctions on Iran today, the American Petroleum Institute (API) reported a draw of 1.85 million barrels to the U.S. crude oil inventories for the week ending May 4, compared to analyst expectations that this week would see a smaller draw in crude oil inventories of 719,000 barrels . Last week, the American Petroleum Institute (API) reported a large build of 3.427 million barrels of crude oil. The API also reported a draw in gasoline inventories for week ending May 4, to the tune of 2.055 million barrels—a bigger draw than the 450,000-barrel draw that analysts had expected. Oil prices fell early on Tuesday as the market waited for U.S. President Donald Trump to render his decision on the Iran nuclear deal at 2:00pm. At 07:21 a.m. EDT on Tuesday, WTI Crude was down 1.37 percent at $69.76 and Brent Crude was down 1.13 […]