Oil Rises After EIA Confirms Major Crude Draw

Crude oil prices moved higher today after the U.S. Energy Information Administration reported an inventory decline of 10.6 million barrels for the week to August 25. The estimate compared with a draw of 6.1 million barrels for the previous week. A day earlier, the American Petroleum had estimated inventories had shed a massive 11.5 million barrels in the week to August 25, which prompted a spike in oil prices. In fuels, the Energy Information Administration reported a modest gasoline draw and a middle distillate increase. In gasoline, stocks shed…