Crude inventories fell another 4.8 million barrels, American Petroleum Institute (API) data showed on Tuesday, after falling 5.8 million barrels the week before. Analysts were expecting a smaller withdrawal of 2.2 million barrels.
According to API data, U.S. crude stocks have grown about 21 million barrels so far this year, but crude stockpiled in the country’s strategic petroleum reserves has fallen nearly 10-fold this year — by 203 million barrels.
That…
