The Energy Information Administration reported a draw of 7.525 million barrels in crude oil inventories in its Weekly Petroleum Status Report for the period ended July 11, 2014. The drop is the largest since a January 11, 2014 draw of 7.628 million barrels and far exceeded the estimates of ten economists polled by Bloomberg.

The current reduction is more than three times the average economist estimate of -2,100 and nearly twice the highest estimate of -3,600.

Click here for EnerCom’s Crude Oil Cuttings Inventory Report.

Despite the reduction...

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