Major Crude Draw Sends Oil Prices Higher

Crude oil prices rose today after the Energy Information Administration reported a crude oil inventory draw of 6.6 million barrels for the week to February 5. Gasoline and middle distillate inventories were mixed again. The report came a day after the American Petroleum Institute depressed oil traders by reporting a sizeable inventory build in gasoline, dashing hopes of a quick recovery in fuel demand. Analysts had expected the EIA to report a build in crude oil inventories, at 1.34 million barrels. A week earlier, the authority had estimated a…