Surprise Crude Draw Fails To Send Oil Higher

The American Petroleum Institute (API) has reported a crude oil inventory draw of 3.45 million barrels for the week ending Aug 15, compared to analyst expectations of a 1.889-million barrel draw. The inventory build this week compares to last week’s surprise build of 3.7 million barrels, according to API data. A day later, the EIA estimated that there was an inventory build of 1.6 million barrels. After today’s inventory move, the net draw for the year is 7.98 million barrels for the 34-week reporting period so far, using API data.…