Crude Oil
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures jumped late Tuesday after the American Petroleum Institute (API) reported a crude oil inventory draw of 6.024 million barrels for the week-ending July 25. Analysts were looking for a much smaller 1.818-million barrel draw. Last week, the API reported an even bigger 10.961 million barrel draw.
After last week’s data, inventories are down 4.83 million barrels for this year’s 31-week reporting period, according to the API data.
September WTI crude oil settled at $58.05, up $1.18 or +2.07% and October Brent crude oil closed at $64.63, up $0.71 or +1.10%.