WTI Stops Slide As API Figures Show Major Gasoline Draw

The American Petroleum Institute (API) reported a draw this week for crude oil of 448,000 barrels, while analysts predicted a smaller draw of 117,000 barrels. The draw comes as the Department of Energy released 3.4 million barrels from the Strategic Petroleum Reserves in week ending August 12, to 461.

2 million barrels. U.S. crude inventories have shed some 61 million barrels since the start of 2021, with a 1.7 million barrel gain since the start of 2020, according to API data. In the week prior, the API reported a surprise build in crude oil inventories…