API Reports 2.6M Barrel Draw in U.S. Crude Oil Inventories

The American Petroleum Institute (API) released its weekly crude oil inventory report on Tuesday, revealing a sharp reversal in U.S. supply dynamics.

For the week ending August 28, API reported a draw of 2.6 million barrels, following last week's 4.2 million barrel build.

This change is closely watched by traders and analysts as a precursor to the Energy Information Administration (EIA) data, which will be released later this week.

The EIA report provides official numbers with mandatory reporting from a larger sample of companies, compared to the API's voluntary data base.