Inventory Draw Pushes Oil Up

Crude oil prices today moved slightly higher, after the Energy Information Administration reported an inventory draw of 3.4 million barrels for the week to July 26. The inventory change compared with a draw of 3.7 million barrels for the previous week, when fuel inventories also declined substantially. For the week to July 26, the EIA estimated mixed changes in fuel inventories. Gasoline stocks shed 3.7 million barrels in the period, with production averaging 10 million barrels daily. This compared with a stock draw of 5.6 million barrels for the…