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Oil rises on major crude draw

The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 9.517 million barrels for the week ending September 11.

Analysts had predicted an inventory draw of 1.271-million barrels.

In the previous week, the API reported a draw in crude oil inventories of 2.970 million barrels, after analysts had predicted a smaller draw of 1.335 million barrels.

Oil prices were trading up on Tuesday afternoon before the API’s data release, but the rising prices come only after a brutal trading day in the day prior when oil prices sunk to their lowest levels since June.

IamFire plc (LON:FIRE) is an Investment Issuer Listed on the AQSE Growth Market Exchange. The company has an investment strategy focused on the identification of opportunities in Life Sciences, Technology & Natural Resources.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.