Oil Ticks Higher on Inventory Draw

Crude oil prices recovered somewhat after the Energy Information Administration reported an inventory decline of 2.5 million barrels for the week to May 10. This inventory change compared with a modest draw of 1.4 million barrels for the previous week and an unexpected decline of 3.1 million barrels for the week to May 10, as estimated by the American Petroleum Institute on Tuesday. Gasoline and middle distillate inventories moved slightly lower ahead of the start of summer driving season. Gasoline stocks shed 200,000 barrels…