The weekly report from API shows that US crude oil inventories dropped by 7.23 MMbbls over the last week, significantly more than the 2.5MMbbls withdrawal the market was expecting, according to a Bloomberg survey. Further, the API report also showed that gasoline inventories were down by 4.5MMbbls last week. The API report is quite constructive for the oil market as it points to a tightening domestic oil market in the face of flat production and stronger demand. The more widely followed EIA data is scheduled to be released today. Meanwhile, in its STEO (Short-Term Energy Outlook) report yesterday, the EIA marginally ... (full story)