Oil Prices Rise As EIA Data Beats Expectations

Crude oil prices rose higher today after the Energy Information Administration reported an inventory draw of 6.9 million barrels for the week to July 2. This compared with a draw of 6.7 million barrels for the previous week. Analysts had expected the EIA to report a 3.925-million-barrel draw in crude oil inventories for the week. Whatever the EIA estimates, they are unlikely to move prices very much this week or for very long, not with OPEC+ canceling its last meeting without making a decision about future production, prompting abundant speculation…