API data show a higher-than-expected draw in crude oil inventories in the U.S. Comments on oil production ahead of OPEC summit continue to drive oil prices. After settling at $65.07 with a 1% loss on Tuesday, the barrel of West Texas Intermediate failed to take advantage of the weekly API report in the post-settlement hours and was last seen trading at $63.95, where it was down 1.17% on the day. According to the report published by the American Petroleum Institute, crude oil inventories in the United States decreased by 3 million barrels for the week ending June 15 to 430.6 million to surpass the analysts’ expectation of a draw of 1.9 million barrels. Further details of the report revealed that crude imports fell by 172,000 barrels per day to 8.1 million bpd during the same time period. Nonetheless, the market reaction to the data was non-existent as investors remain focused on the OPEC summit. Earlier in the session, Iranian oil minister Bijan Zanganeh argued that there wouldn’t be an agreement on rising oil output at the OPEC meeting and added that Iran would be against any arguments toward higher supply. On the other hand, Kuwait’s energy minister stated that there were no specific scenarios regarding the production ceiling explaining that they would be discussing production levels rather than specific price targets. OPEC and non-OPEC producers will have a 2-hour closed session on Friday which will be followed by a press conference. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NEO Price Prediction: NEO/USD bearish pennant breakout to free fall south appears to be looming, after another big rejection FX Street 5 years API data show a higher-than-expected draw in crude oil inventories in the U.S. Comments on oil production ahead of OPEC summit continue to drive oil prices. After settling at $65.07 with a 1% loss on Tuesday, the barrel of West Texas Intermediate failed to take advantage of the weekly API report in the post-settlement hours and was last seen trading at $63.95, where it was down 1.17% on the day. According to the report published by the American Petroleum Institute, crude oil inventories in the United States decreased by 3 million barrels for the week ending June 15 to 430.6… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.