Oil Prices Boosted By Falling Crude Inventories

Crude oil prices rose today after the Energy Information Administration reported an inventory draw of 4.1 million barrels for the week to July 23. This compared with a build of 2.1 million barrels reported for the previous week and a draw of 4.728 million barrels reported by the American Petroleum Institute for the week to July 23.

Analysts had expected the EIA to report a crude oil inventory draw of 3.43 million barrels for the week to July 23. In gasoline, the EIA estimated an inventory draw of 2.3 million barrels for last week, with production…