EIA Confirms Smaller Than Expected Crude Inventory Draw

Crude oil prices ticked higher today after the U.S. Energy Information Administration reported an inventory decline of 900,000 barrels for the week to December 13. The number compares with an inventory draw of 4.7 million barrels estimated by the American Petroleum Institute for the same week on Tuesday. A week ago, the EIA estimated a crude oil inventory draw of a much more moderate 1.4 million barrels, coupled with sizable builds in fuel stocks that dampened the potential bullish effect of the crude inventory move. For the week to December 13,…