Strong Crude Inventory Draw Sends Oil Higher

Oil prices jumped higher after the Energy Information Administration reported a draw in crude oil inventories of 6.9 million barrels for the week to September 6. A day earlier, the American Petroleum Institute estimated inventories had shed 7.23 million barrels in the reporting period. A week earlier, the EIA said inventories had fallen by 4.8 million barrels. As the market prepares for the next OPEC meeting later this week and many expect an extension and possibly a deepening of production cuts, prices continued to be depressed by the global economic…