Oil Prices Fly Higher On EIA Report

The Energy Information Administration confirmed a draw in
crude oil inventories, boosting the rally of WTI that almost
brought the U.S. benchmark to US$55 a barrel. According to the
authority, inventories fell by 2.4 million barrels in the week to
October 27, to 454.9 million barrels. A day earlier, the American
Petroleum Institute had estimated crude oil inventories had fallen
by more than 5 million barrels, while analysts polled by S&P
Platts expected a draw of 1.4 million barrels, with gasoline
stockpiles expected at 1.7 million barrels…

The Energy Information Administration confirmed a draw in
crude oil inventories, boosting the rally of WTI that almost
brought the U.S. benchmark to US$55 a barrel. According to the
authority, inventories fell by 2.4 million barrels in the week to
October 27, to 454.9 million barrels. A day earlier, the American
Petroleum Institute had estimated crude oil inventories had fallen
by more than 5 million barrels, while analysts polled by S&P
Platts expected a draw of 1.4 million barrels, with gasoline
stockpiles expected at 1.7 million barrels…