Oil Prices Perk Up on Crude Draw

Crude oil prices went higher today, after the U.S. Energy Information Administration reported an inventory draw of 3.4 million barrels for the week to July 5. This compared with a massive draw of 12.2 million barrels for the previous week. The American Petroleum Institute reported on Tuesday an estimated inventory draw of 1.9 million barrels for the week to July 5, strengthening the perception of a strong peak demand season in the world’s largest consumer of the commodity. The EIA, meanwhile, also reported mixed…