Oil Prices Rebound On EIA Inventory Report

A crude oil inventory draw of 1.6 million barrels sent oil prices higher today, with the Energy Information Administration also reporting a fall in gasoline inventories and a modest build in distillate fuel inventories. This compared with a draw of 4.5 million barrels for the previous week, the third weekly draw—and hefty—in a row. A day earlier, the American Petroleum Institute cooled oil bulls’ optimism by estimating a gasoline inventory build of close to 5 million barrels for the week to August 14. The EIA, for its part, estimated…