Oil Prices Jump On Surprise Crude Inventory Draw

Crude oil prices rose today after the Energy Information Administration reported a crude oil inventory decline of 700,000 barrels for the week to May 8. This compared with a build of 4.6 million barrels for the previous week. The American Petroleum Institute yesterday reported an estimated 7.58-million-barrel inventory increase for the week to May 8. In gasoline, the EIA reported an inventory draw of 3.5 million barrels, after a draw of 3.2 million for the previous week, which sparked hopes for demand recovery. Gasoline production last week averaged…