Oil Prices Jumps On Large Crude Draw As Markets Ignore Gasoline Build

Crude oil prices recovered on Wednesday morning despite word from the Energy Information Administration of an inventory draw of 4.7 million barrels for the week to December 17. At 423.6 million barrels, crude oil inventories remain 8% below the five-year average—compared to 7% below the five-year average last week. Last week’s draw adds to last week’s huge draw of 4.6 million barrels from crude oil inventories. On Tuesday, the American Petroleum Institute estimated a crude oil inventory draw of 3.670 million barrels…