Oil Moves Higher on Inventory Draw

Crude oil prices ticked higher today after the U.S. Energy Information Administration reported an estimated decline of 6.4 million barrels in inventories for the week to April 19. This compared with an inventory build of 2.7 million barrels for the previous week, which pressured prices last week. It also compared with an inventory draw of 3.23 million barrels as estimated by the American Petroleum Institute on Tuesday, with the group also reporting a gasoline inventory decline of about half a million barrels. Analysts had expected…