API Reports Another Crude Draw As EIA Raises Oil Demand Forecast

Crude oil inventories in the United States fell this week by 1.9 million barrels for the week ending July 5, according to The American Petroleum Institute (API), after analysts had expected a 250,000-barrel draw. For the week prior, the API reported a surprise 9.163-million-barrel draw in crude inventories. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 500,000 barrels as of July 5. Inventories are now at 373.1 million, up from 372.6 million barrels the previous week.…