Oil Rises On Crude Draw Despite Product Builds

Crude oil prices jumped further today after the Energy Information Administration reported a crude oil inventory draw of 3.2 million barrels for the week to January 8. This compared with an estimated draw of 5.82 million barrels from the American Petroleum Institute and analyst expectations of a draw totaling 2.72 million barrels. It also adds onto the inventory decline of as much as 8 million barrels reported for the previous week, which helped push oil prices higher. Brent crude yesterday rose above $57 a barrel for the first time in almost a…