"Oil Prices Surge as EIA Reports Inventory Drawdown"
Crude oil prices rose after the Energy Information Administration reported a 2.2 million barrel inventory draw for the week, while gasoline stocks added 1 million barrels. The American Petroleum Institute estimated a crude oil inventory draw of 1.6 million barrels and noted that stocks at Cushing, Oklahoma, were nearing the minimum operating level. Concerns about supply and the potential for compromised quality due to continued draws at Cushing contributed to the bullish effect on prices.