Large Surprise Crude Draw Lifts Oil Prices

The American Petroleum Institute (API) has estimated a large crude oil inventory draw of 5.92 million barrels for the week ending September 26—a surprise compared to analyst expectations of a 1.567-million-barrel build. Last week saw a surprise build in crude oil inventories of 1.38 million barrels, according to API data. The EIA estimated that week that there was larger inventory build of 2.4 million barrels. After today’s inventory move, the net draw for the year is 29.85 million barrels for the 40-week reporting period so far, using…