Oil Prices Rise As EIA Confirms Huge Crude Draw

Crude oil prices moved higher today after the U.S. Energy Information Administration reported an inventory decline of 12.2 million barrels for the week to June 28. The inventory change compared with an inventory build of 3.6 million barrels estimated for the previous week, when the EIA also saw fuel inventories rising, which weighed on oil prices. For the last week of June, the EIA estimated draws in fuel inventories. Gasoline inventories shed 2.2 million barrels in the week to June 28, which compared with a build of 2.7 million…