Oil Jumps As Crude Inventories Draw

Crude oil prices moved higher today after the Energy Information Administration reported an inventory decline of 2.1 million barrels for the week to September 15. That compared with a build of some 4 million barrels for the previous week. Meanwhile, the American Petroleum Institute estimated crude oil stocks in the U.S. had fallen yet again, by 5.25 million barrels, in the week to September 15. That was twice the draw analysts had expected the API to report. As oil prices took a pause from their recent rally amid a profit-taking wave, the EIA also…