Oil Moves Higher on Surprise Crude Draw

Crude oil prices ticked higher today after the U.S. Energy Information Administration reported an estimated inventory draw of 1.6 million barrels for the week to September 13. This compared with a modest build of 800,000 barrels for the previous week that weighed on prices already depressed by demand concerns. This week, however, the biggest news on the oil market is the upcoming rate announcement by the Federal Reserve, scheduled for 2 pm Eastern Time. Market participants and analysts alike expect the central bank to announce its first interest…