Crude Oil Takes a Major Boost

The American Petroleum Institute (API) on Tuesday reported a massive draw in crude oil inventories of 7.688 million barrels for the week ending April 30.

Analysts had predicted a more modest draw of 2.346 million barrels for the week.

In the previous week, the API reported a major build in oil inventories of 4.319 million barrels after analysts had predicted a much smaller build of 659,000 barrels.


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