By Srinivas Chowdary Sunkara // petrobazaar // 7th August, 2019.
The American Petroleum Institute (API) reported a crude oil inventory draw of 3.4 Mb for the week ending August, 1st 2019. Analysts expected a draw of 2.848 Million barrels draw. The Inventory draw this week compares to last week's large draw of 6.024Mb, bringing the net inventory moves for the year into net draw territory. US crude oil production showed that production for the week ended July 25 rebounded to 12.2 Mbpd, Just 200,000 bpd off the all time high of 2.4 Mbpd. The U.S Energy watch dog, The Energy Information Administration will confirm the numbers later today.
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