Oil Jumps On Major Crude Inventory Draw

Crude oil prices rose further today after the Energy Information Administration reported a crude oil inventory draw of 8 million barrels for the last week of 2020, despite hefty builds in fuel inventories. The report came a day after the American Petroleum Institute estimated a relatively modest draw in oil inventories, at 1.66 million barrels. This draw, however, was accompanied by substantial inventory builds in gasoline and middle distillates: 5.47 million barrels and 7.14 million barrels, respectively. The EIA, for its part, estimated gasoline…