Oil Prices Climb As EIA Reports Surprise Inventory Draw

A day after the American Petroleum Institute reported yet another estimated weekly build in U.S. oil inventories, the Energy Information Administration rejected it, reporting a draw of 1.7 million barrels for the week to October 18. This interrupts a four-week string of inventory builds as prices trend lower on global economic growth concerns and its adverse impact on oil demand. Last week, the EIA reported a 9.3-million-barrel increase in inventories sending prices nosediving. The authority also reported that at 433.2 million barrels, inventories…