Oil prices have extended gains this morning, after last night's API-reported crude draw and yesterday's OPEC+ headlines. “The stakes are very high and will test European resolve for inflicting pain on Russia at the cost of their economy,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “Buyers of Russian crude are playing the game to get the cheapest crude without drawing the ire of the US and Europe.” The potential revival of a nuclear deal with Iran, which could lead to a surge in exports from the OPEC producer, had weighed on the market recently. A senior US House Republican demanded ... (full story)

Oil prices didn't extend gains today after the Energy Information Administration reported a crude oil inventory decline of 3.3 million barrels for the week to August 19. This compared with a draw of 7.1 million barrels estimated for the previous week by the Department of Energy agency. One day before, the American Petroleum Institute had estimated that crude oil inventories had shed 5.6 million barrels in the week to August 19. In fuels, the inventory situation was a bit different. Gasoline inventories remained virtually unchanged and middle distillate inventories shed barrels in the week to August 19. In gasoline, ... (full story)