Larger Than Expected Crude Draw Fuels Oil Price Rally

The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 5.36-million barrels for the week ending May 28.

Analysts had predicted a draw of 2.114 million barrels for the week.

In the previous week, the API reported a draw in oil inventories of 439,000 barrels after analysts had predicted a draw of 1.050 million barrels. Since the start of 2020, crude oil inventories have grown by more than 46 million barrels, according to API data.