Oil Bounces Back As API Reports A Surprise Crude Draw

By Julianne Geiger The American Petroleum Institute (API) reported a surprise draw of 531,000 barrels in United States crude oil inventories against expert predictions that domestic supplies would see a small 3-million-barrel build, instilling hopes in the minds of weary oil traders that OPEC’s production cuts are not being entirely undone by U.S. shale drillers. The chart below shows that the API is still showing an overall build over the previous 11 weeks of 34.6 million barrels. (Click to enlarge)Hours before the API data release, WTI and Brent benchmarks…

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