Oil Jumps After API Reports Largest Crude Draw This Year

The American Petroleum Institute (API) estimated on Tuesday a major draw in crude oil inventories of 8.156 million barrels for the week ending June 26. Analysts had predicted an inventory draw of 710,000 barrels. In the previous week, the API reported an increase in crude oil inventories of 1.749 million barrels, after analysts had predicted a smaller build. WTI was trading down on Tuesday afternoon prior to the API’s data release as minor ripples are felt due to reports of an increasing number of coronavirus cases in the world’s largest…