Oil Jumps Higher On Inventory Draws ...Middle East

Crude oil prices inched higher today after the U.S. Energy Information Administration reported an inventory decline of 4.5 million barrels for the week to October 13. That compares with a substantial build for the week before, which pressured oil prices. For the second week of October, the EIA reported 10.2 million barrels in additions to crude inventories. This Tuesday, however, the American Petroleum Institute estimated an inventory draw of 4.4 million barrels plus draws in fuels, too, which sent prices higher. Expectations…

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