Oil Rises After API Reports Larger Than Expected Crude Draw

The American Petroleum Institute (API) has estimated a crude oil inventory draw of 3.72 million barrels for the week ending November 28, compared to analyst expectations of a 1.798-million-barrel draw in inventory—the biggest draw since September. Last week saw a build in crude oil inventories of 3.639 million barrels, according to API data. The EIA’s estimates, however, reported a smaller build of 1.6-million barrels for that week. After today’s reported inventory move, the net inventory moves so far this year stand at a draw…