Oil Ticks Higher On Fuel Inventory Draws

Crude oil prices moved higher today after the U.S. Energy Information Administration reported an estimated inventory build of 5.9 million barrels for the week to August 4. Fuel inventories, however, moved lower. The crude build compared with a substantial inventory decline of 17 million barrels for the previous week—the largest drawdown in oil inventories for years. The report comes a day after the American Petroleum Institute estimated oil inventories had added a little over 4 million barrels over last week.…