Chatter about 2m barrel drawdown in US inventories this week
Our friends over at Livesquawk report that oil gains are being underpinned by various reports calling for larger drawdowns in crude oil inventories this week. WTI crude is up 47-cents to $61.00 from as low as $59.55 two hours ago.
The consensus estimate for Wednesday's EIA report is a drawdown of 1.34m barrels but there's talk of a 2m barrel drawdown. A good indication will come from API inventories due at 4:30 pm ET today (2030 GMT).
