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API Reports 0.75 Million Barrel Inventory Draw, WTI Hits resistance Near $45.0 p/b
The latest American Petroleum Institute (API) weekly inventory data recorded a draw of 0.75mn barrels in the latest week after the very substantial 7.5mn barrel draw previously. Markets were expecting a weekly build of around 2.5mn with the data again confounding expectations and there have been API draws in three of the last four weeks. The data will help underpin confidence in the overall crude outlook, especially with another strong draw in gasoline inventories, although underlying over-supply issues are still a feature. There was a further substantial draw in gasoline stocks of 3.7mn barrels, the fourth ... (full story)