Oil Ticks Higher as EIA Reports Inventory Draws Across the Board

Crude oil prices moved higher today after the U.S. Energy Information Administration reported a decline in inventories for the week to August 16. Those shed 4.6 million barrels over the period, compared with a build of 1.4 million barrels that surprised traders last week. On Tuesday, the American Petroleum Institute reported another unexpected inventory increase, but a moderate one, at 347,000 barrels. In fuels, the EIA also estimated draws in inventories. Gasoline inventories fell by 1.6 million barrels over the week to August 16, which compared…