The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 3.500 million barrels for the week ending February 5. Analysts had predicted an inventory build of 985,000 barrels for the week. In the previous week, the API reported a draw in oil inventories of 4.261-million barrels, after analysts had predicted a build of 446,000 barrels.
Oil prices were trading up on Tuesday ahead of the data release, buoyed both by OPEC-driven optimism and the looming stimulus rollout that some are hoping will drive up oil demand.…Oil Prices Slip On Large Gasoline Build
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