Oil Jumps After EIA Confirms Large Crude Inventory Draw

Crude oil prices rose further after the Energy Information Administration reported today an inventory draw of 5.1 million barrels for the week to May 27. This compared with a draw of 1 million barrels for the previous week. At 414.7 million barrels, U.S. crude oil inventories are some 15 percent below the five-year average for this time of the year.

In gasoline, the EIA estimated an inventory draw of 700,000 barrels for the week to May 27, which compared with a decline of half a million barrels for the previous week. Gasoline production went up…