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 build 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.

In the hours leading up to Tuesday’s data release, at 2:36 pm EDT, WTI had risen by $1.03 (+2.76%) to $38.29. While up significantly on the day, WTI is trading only a few cents up on the week. The Brent crude benchmark had risen by $0.89 at 2:38 pm (+2.25%) to $40.50. But compared to last week, Brent is trading down $0.25 compared to last week.

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Source: Oil Price