Oil Jumps On Massive Crude Inventory Draw

Crude oil prices moved higher today, after the Energy Information Administration estimated a draw in oil inventories of 7.1 million barrels for the week to August 12. This compared with a build of 5.5 million barrels reported for the previous week. A day earlier, the American Petroleum Institute estimated a modest crude draw of 448,000 barrels for the week to August 12. In gasoline, the EIA estimated an inventory draw of 4.6 million barrels for last week, which compared with a 5-million-barrel decline for the previous week. Gasoline production…