Crude Oil Spikes Over $36/Barrel Following API Data, Ahead of EIA Inventories

Crude oil prices went beyond $36 a barrel mark after a data from American Petroleum Institute (API) showed an oil inventory draw down of 4.3 million barrels. The data also showed that gasoline draw of 116,000 barrels and distillate build of 2.68 million barrels.

The API data is a closely watched industry metric and considered as a guide to the U.S. Energy Information Administration (EIA) data, which is expected at 10:30 a.m. EST Wednesday.

Energy traders are expecting crude oil inventories 3.15 million barrel build, distillate inventories drawdown of 333,000 draw and gasoline inventories draw of 967,000.

Oil prices are currently up 2.84 percent at $36.91.

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