Oil Prices Spike After API Reports Biggest Crude Draw This Year

The American Petroleum Institute (API) reported a draw of 8.67 million barrels in United States crude oil inventories, compared to analyst expectations that markets would see a draw of only 2.8 million barrels for the week ending May 26.

The news of a larger than expected draw will no doubt be welcomed by the industry, as oil prices in the last couple of weeks have seem particularly resistant to the efforts of OPEC to rebalance the oil market, and it appears equally as resistant to dwindling US oil inventories—the latter of which has been of significant concern throughout much of 2017.

source oilprice.com

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