The American Petroleum Institute (API) has estimated a crude oil inventory draw of 500,000 barrels for the week ending November 7, compared to analyst expectations of a 1.649-million-barrel build. Last week saw a build in crude oil inventories of 4.26 million barrels, according to API data. The EIA’s estimates, however, reported a build of 7.9-million barrels for that week. After today’s inventory move, the net draw for the year now sits at 8.76 million barrels for the 46-week reporting period so far, using API data. Oil prices were trading modestly up on Wednesday prior to the data release. After OPEC Chief Mohammed ... (full story)