Oil Price Rise On Bullish EIA Data

Crude oil prices rose higher today, after the Energy Information Administration confirmed the crude oil inventory draw reported earlier by the API. The EIA estimated U.S. crude oil inventories had shed 7.5 million barrels in the week to July 10, after a build of 5.7 million barrels reported for the previous week. The American Petroleum Institute had estimated an inventory draw of as much as 8.322 million barrels a day earlier. Analysts had expected the EIA to report a crude oil inventory draw of 2.275 million barrels. Despite the inventory draw,…