Oil Stabilizes on Small Crude Draw

Crude oil prices recovered lost territory today after the U.S. Energy Information Administration reported an inventory draw of 1.4 million barrels for the week to May 3. This compared with a build of 7.3 million barrels estimated for the previous week that pressured prices last week. On Tuesday, the American Petroleum Institute estimated crude oil inventories had added a modest half a million barrels in the week to May 3. The EIA, for its part, also reported small inventory builds in gasoline and middle distillate inventories for…