Oil Prices Climb as Crude Inventories Decline

Crude oil prices climbed higher today after the Energy Information Administration reported an inventory decline for the week to August 2. This compared with a draw of 3.4 million barrels for the last week of July. A day earlier, the American Petroleum Institute reported an estimated build of 180,000 barrels for the week to August 2, surprising markets and pressuring oil prices. The API also estimated large builds in gasoline and middle distillate inventories for the period. In fuels, the EIA estimated inventory builds. Gasoline stocks added 1.3…