"API Reports Small Crude Draw, Oil Prices Close Lower"
Originally Published 2 years ago — by OilPrice.com
The American Petroleum Institute (API) has reported a smaller-than-expected draw of 2.418 million barrels on U.S. crude inventories, causing oil prices to close lower amid concerns over China's economic growth. Bearish sentiment has increased due to expectations of U.S. inventory levels, refinery maintenance slowing demand, and a slowdown in Chinese imports. Chinese economic data and JP Morgan's forecast of slowing demand for "mobility fuels" in China have further weighed on oil prices. The impact of Saudi and Russian output cuts has been offset by weakening crude demand from China, which is expected to continue throughout the summer.