Oil Moves Higher As EIA Reports Huge Crude Draw ...Middle East

Crude oil prices jumped higher today after the U.S. Energy Information Administration estimated inventories in the country had shed 12.5 million barrels in the week to May 19. A day earlier, the American Petroleum Institute had estimated that crude oil inventories in the U.S. had gone up/down by a sizable 6.7 million barrels, which surprised traders and prompted increased oil buying that boosted prices. A week earlier, the EIA had estimated a crude oil inventory build of 5 million barrels, which, however, failed to…

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