Oil Stabilizes On Small Crude Draw
New Delhi, June 20 -- The American Petroleum Institute (API) reported a small draw in crude oil inventory of 812,000 barrels for the week ending June 13, but still coming in over analyst expectations of a much bigger 2.033-million barrel drawdown in inventories.
Last week, the API reported a surprise build of 4.852 million barrels . A day later, the EIA estimated that US inventories had built more modestly, by 2.2 million barrels .
The net build is still an uncomfortable 34.02 million barrels for the 25-week reporting period so far this year, using API data.
Oil prices were on a steep upward climb earlier on Tuesday as the market finds new optimism about the US/China trade war after President Donald Trump announced he would meet his Ch...
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