WTI jumps on larger than expected draw in crude inventories

Following a 1.5M barrel decline in crude oil stocks last week, American Petroleum Institute (API) announced that the inventory drawdown was at 8.67M this week. Following the report, the barrel of West Texas Intermediate quickly gained 50 cents and retraced some of its daily losses. As of writing, the barrel of WTI was trading at $48.75, still losing 1.85% on the day.