Oil Stabilizes On Small Crude Draw

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…