Oil Prices Spike On Large Crude Inventory Draw

Crude oil prices jumped higher today after the Energy Information Administration reported an inventory decline of 6.7 million barrels for the week to June 25. This compares with a draw of 7.6 million barrels the EIA estimated for the previous week. A day earlier, the American Petroleum Institute had reported a crude oil inventory draw of over 8 million barrels for last week, the sixth consecutive week of inventory draws. Analysts had expected the EIA to report an inventory draw of 4.686 million barrels for the week to June 25. In gasoline, the…