The American Petroleum Institute (API) has estimated a large crude oil inventory draw of 7.227 million barrels for the week ending September 5, compared to analyst expectations of a 2.6-million barrel draw. The inventory build this week takes away from last week’s build in crude oil inventories of 401,000 barrels, according to API data. The EIA estimated that week that there was an inventory draw instead, of 4.8 million barrels. After today’s inventory move, the net draw for the year is 25.90 million barrels for the 37-week reporting period so far, using API data. Oil prices were trading up for the sixth day in a row ... (full story)