Oil Prices Extend Gains After Another Big Crude Draw, Cushing 'Tank Bottoms' Loom

Oil Prices Extend Gains After Another Big Crude Draw, Cushing 'Tank Bottoms' Loom Oil prices are higher this morning on renewed fighting between the US and Iran (and Trump rhetoric), while API reported a major crude inventory draw (for an eighth week in a row). Additionally, in its monthly Short-Term Energy Outlook released on Tuesday, the Energy Information Administration (EIA) reported the closure of the Strait is depleting global inventories, keeping prices high. "Global oil ...

By Tyler Durden