Oil Prices Climb Higher On Larger Than Expected Crude Draw

Crude oil prices rose slightly today after the Energy Information Administration reported an inventory draw of 3.3 million barrels for the week to August 26. At 418.3 million barrels, inventories are 6 percent below the five-year average for this time of the year. The number for the week to August 26 compared with a draw of 3.3 million barrels for the previous week. The picture in fuels was mixed. In gasoline, the EIA reported an inventory decline of 1.2 million barrels for the week to August 26. This compared with a decline of 4.6 million barrels…