Oil Falls Despite Massive Crude Inventory Draw

WTI crude futures didn't move higher today after the Energy Information Administration confirmed the substantial inventory draw estimated by the American Petroleum Institute on Tuesday. After the startling revision in U.S. oil demand in May, the EIA estimated an inventory draw of 17 million barrels for the final week of July, which compared with a modest decline of 700,000 barrels for the previous week. The API on Tuesday reported that oil inventories in the U.S. had declined by 15.4 million barrels, which was the largest draw in years and immediately…