Major Crude Draw Sends Oil Higher On First Trading Day Of The Month

Crude oil prices moved higher today after the Energy Information Administration reported inventories had shed 7.2 million barrels in the week to August 27. This compared with a crude oil inventory draw of 3 million barrels estimated by the EIA for the previous week and analyst expectations for a draw of 2.83 million barrels. A day before the EIA’s report, the American Petroleum Institute estimated an oil inventory draw of over 4 million barrels, which was larger than expected. Just as OPEC+’s meeting begins in Vienna, the U.S. energy…