The American Petroleum Institute (API) estimated on Tuesday a surprise large crude oil inventory draw of 4.27 million barrels for the week ending January 24, compared to analyst expectations of a 482,000-barrel build in inventory.
Last week saw a build in crude oil inventories of 1.57 million barrels, according to API data. The EIA’s estimates, however, were of a draw of 400,000 barrels for that week.
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