Oil Moves Higher on Crude, Fuel Inventory Draw

Crude oil prices ticked higher today after the U.S. Energy Information Administration reported an inventory decline of 3.7 million barrels for the week to July 19. This compared with an inventory draw of 4.9 million barrels estimated by the EIA for the previous week. The American Petroleum Institute, meanwhile, on Tuesday estimated another inventory draw in crude oil for the week to July 19, at 3.9 million barrels. In fuels, the EIA reported more draws. Gasoline stocks shed 5.6 million barrels in the week to July 19,…