API Surprises Analysts With Unexpected Crude Draw

The American Petroleum Institute (API) reported on Tuesday a surprise draw in crude oil inventories of 1 million barrels for the week ending March 12. Analysts had predicted an inventory build of 2.964-million barrels for the week. In the previous week, the API reported a major build in oil inventories of 12.

792-million barrels after analysts had predicted a much smaller 816,000-barrel build. The EIA confirmed there was a large build, crushing the souls of oil bulls that had hoped the price rally would continue ever higher. Oil prices slid further…