Large Crude Inventory Draw Jolts Oil Prices
Crude oil prices moved higher today, after the Energy Information Administration reported an inventory draw of 5.1 million barrels for the week to April 21. This compared with another draw, of 4.6 million barrels, for the previous week, and an estimated 6-million-barrel inventory decline for the week to April 21, as reported by the American Petroleum Institute. The EIA also reported a decline in gasoline inventories and a smaller draw in middle distillate inventories for the week to April 21. Gasoline inventories shed 2.4 million barrels last week,…