Oil Prices Jump On Major Hurricane-Driven Crude Draw

Crude oil prices rebounded on Wednesday morning after the Energy Information Administration reported a crude oil inventory draw of 9.4 million barrels for the week to August 30. This compares with an inventory decline of 4.7 million barrels reported for the previous week, and a 6.36-million-barrel draw reported by the American Petroleum Institute yesterday. Analysts had expected a relatively modest inventory draw of 1.95 million barrels for the week to August 30. At 498.4 million barrels, inventories remain above the five-year average for this…