API Reports Major Crude Inventory Draw, Surprise Gasoline Build

The American Petroleum Institute (API) reported a major draw
of 7.839 million barrels in United States crude oil inventories,
compared to analyst expectations of a modest draw of 2.272 million
barrels for the week ending August 4. Gasoline inventories rose by
1.529 million barrels for the week ending August 4, compared to
analyst expectations that inventories for the fuel would fall by
1.5 million barrels. Crude prices fell on Tuesday despite Saudi
Arabia’s promise to curb in September crude oil exports to its
prime market—Asia. Oil…

The American Petroleum Institute (API) reported a major draw
of 7.839 million barrels in United States crude oil inventories,
compared to analyst expectations of a modest draw of 2.272 million
barrels for the week ending August 4. Gasoline inventories rose by
1.529 million barrels for the week ending August 4, compared to
analyst expectations that inventories for the fuel would fall by
1.5 million barrels. Crude prices fell on Tuesday despite Saudi
Arabia’s promise to curb in September crude oil exports to its
prime market—Asia. Oil…