Oil Prices Rise On Bullish EIA Inventory Report

Crude oil prices today moved higher after the Energy Information Administration reported an inventory draw of 600,000 barrels for the week to December 18. This compared with a draw of 3.1 million barrels estimated for the previous week and an inventory build of 2.7 million barrels for the week to December 18, as estimated by the American Petroleum Institute and reported yesterday. Analysts had expected the EIA to report an inventory draw of 3.25 million barrels for last week. Oil prices have been on the rise the past two weeks on positive vaccine…