Oil Climbs Higher On Bullish EIA Data

Oil prices jumped further today after the Energy Information Administration reported a crude oil inventory draw of 7.6 million barrels for the week to June 18. This compared with a draw of 7.4 million barrels reported for the previous week and another draw, of 7.2 million barrels, that the American Petroleum Institute reported for the week to June 18 yesterday. Analysts had expected the EIA to report a crude stock draw of 3.625 million barrels for the period. The draw comes amid a slight faltering in the oil price rally as reports emerged that…