Oil prices extended gains overnight off the back of API inventory data and a drop in Libya production “I expect draws in crude stockpiles, but not as big as we’ve seen in the last few weeks,” says Mark L Waggoner, president at commodity brokerage Excel Futures. “Refinery run rates will be ramping up a bit because we’re still in the middle of summer and driving season” API • Crude -6.024mm (-2.75mm exp) • Cushing -1.449mm • Gasoline -3.135mm • Distillates -890k DOE • Crude -8.50mm (-3.25mm exp) • Cushing -1.533mm • Gasoline -1.791mm • Distillates -894k Crude inventories have fallen - significantly - for seven straight .