Oil Falls Slightly Despite Crude Draw

xThe American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 4.079 million barrels for the week ending July 9, bringing the total 2021 crude draw so far to 50.01 million barrels, using API data. Analysts had expected a loss of 4.333 million barrels for the week. In the previous week, the API reported a draw in oil inventories of 7.

983 million barrels after analysts had predicted a draw of 3.925 million barrels. The price of a WTI barrel has risen more than 50% so far this year and is still on…