Oil prices surged higher yesterday in response to the latest report reflecting a further drawdown in US crude stores. Oil prices initially began to move higher on Tuesday in response to the weekly report from the API. The API report showed a large 8.1 million barrel crude inventories drawdown. On Wednesday, prices then shot up higher as the weekly report from the EIA confirmed the data. The report from the Energy Information Administration, covering the week ending July 5th, showed that US crude stores had fallen by 9.5 million barrels. This decrease was well above the 3.1 million barrel decrease the market was ... (full story)