Oil Rises as EIA Reports Across the Board Inventory Draw

Crude oil inventories in the United States decreased by 1 million barrels during the week ending October 17, after gaining 3.5 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 422.8 million barrels according to government data, which is still 4% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil inventories…