Oil Prices Climb As API Report Adds To Bullish Sentiment

The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 2.108-million barrels for the week ending June 4. Analysts had predicted a draw of 2.036 million barrels for the week. In the previous week, the API reported a draw in oil inventories of 5.36 million barrels after analysts had predicted a draw half that size of 2.

114 million barrels. Crude oil inventories have fallen by more than 14 million barrels since the start of 2021, according to API data, but are still up 43 million barrels since January 2020.Oil…