Oil Prices Leap Higher On Bullish Inventory Data

Crude oil prices got another lift today after the Energy Information Administration reported a crude oil inventory draw of 4.5 million barrels for the week to August 7. At 514.1 million barrels, inventories remain above the five-year average for this time of the year despite several hefty weekly draws, including one of 7.4 million barrels for the first week of August. Analysts had expected the authority to report an inventory draw of 3.2 million barrels. The EIA report comes on the heels of the American Petroleum Institute’s weekly estimate,…