The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 5.821 million barrels for the week ending January 8. Analysts had predicted an inventory draw of 2.266 million barrels for the week. In the previous week, the API reported a draw in oil inventories of 1.663-million barrels, after analysts had predicted a draw of 1.
271 million barrels. Both Brent and WTI were up on Tuesday afternoon before the data release, still buoyed by Saudi Arabia's generous offer last week to single-handedly—and voluntarily—cut…Oil Prices Rally On Large Crude Draw
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