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Oil Prices Rise After API Reports Staggering Crude Oil Draw

Oil Prices Rise After API Reports Staggering Crude Oil Draw

 

The American Petroleum Institute (API) reported a staggeringly large draw of 11.19 million barrels of United States crude oil inventories for the week ending January 5, marking six large draws in as many weeks, according to the API data. Analysts, had expected a much smaller drawdown of 3.89 million barrels in crude oil.

 
Last week, the American Petroleum Institute (API) reported a large draw of 4.992 million barrels of crude oil, along with an increase in gasoline inventories of 1.87 million barrels.
 

This week, the API is reporting another build in gasoline inventories of 4.338 million barrels for the week ending January 5. Analysts had expected a smaller, 2.625-million-barrel build.

Distillate inventories also saw a build this week of 4.685 million barrels, against a forecast of a 1.464-million-barrel build.

Inventories at the Cushing, Oklahoma, site decreased by 2.516 million barrels this week.