Oil Gives Up Gains Despite Large Crude Draw

Crude oil prices moved slightly lower today after the Energy Information Administration reported an inventory decline of 6 million barrels for the week to August 11. That change compared with a build of 5.9 million barrels for the previous week, which in turn followed the biggest inventory draw in years, at 17 million barrels for the last week of July. A day earlier, the American Petroleum Institute estimated crude oil inventories had shed 6.2 million barrels in the week to August 11. In fuels, the EIA estimated mixed changes…