Oil Ticks Higher on Significant Inventory Draw

Crude oil prices today inched higher after the Energy Information Administration reported an inventory draw of 9.2 million barrels for the week to January 19. This compared with a draw of 2.5 million barrels for the previous week, whose effect on prices was muted, however, because of another round of substantial inventory builds in gasoline and middle distillates. For the week to January 19, the EIA reported mixed changes in fuel inventories. Gasoline stocks added 4.9 million barrels, according to the authority, with production averaging 8.3 million…