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Oil Spikes After API Reports Unusually Strong Draw To Crude Stocks

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This week the American Petroleum Institute reported a “shockingly” high draw of 7.6 million barrels of oil despite expert predictions that U.S. supplies would increase by 1.5 million units in the wake of multiple draw weeks, according to Zero Hedge.

The report marks five straight weeks of draws in a season that is typically marked with lower demand and consequential supply builds. The news caused West Texas Intermediate prices to spike above $49 shortly after the numbers were released.

Gasoline supplies, on the other hand, jumped by two million barrels—a more lukewarm build than the expected 500,000.

http://oilprice.com/Latest-Energy-News/World-News/Oil-Spikes-After-API-Reports-Unusually-Strong-Draw-To-Crude-Stocks.html

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