The American Petroleum Institute (API) reported a crude oil inventory draw of 6.024 million barrels for the week ending July 25, compared to analyst expectations of a much smaller, 1.818-million barrel draw. The inventory draw this week compares to last week’s massive draw of 10.961 million barrels in what was the largest inventory draw this year, according to the API. A day later, the EIA confirmed an inventory drawdown of 10.8 million barrels. After today’s inventory move, the net result is a draw for the year at -4.83 million barrels for the 31-week reporting period so far, using API data. Oil prices were trading ... (full story)