Oil Moves Up on Inventory Draw

Crude oil prices inched higher today after the U.S. Energy Information Administration reported an estimated inventory decline of 2.5 million barrels for the week to January 12. This compared with a moderate inventory build of 1.3 million barrels for the previous week, which also saw another round of massive increases in fuel inventories that drove prices lower at the time. For last week, the EIA also reported more inventory builds in gasoline and middle distillate stocks. In gasoline, the authority estimated an inventory increase…