Inventory Drawdown on All Fronts Leads to Higher Oil Prices

U.S. oil prices advanced on Thursday to a seven-week high after a weekly report from the Energy Information Administration ("EIA") showed drawdowns in crude and fuel stockpiles. On the New York Mercantile Exchange, WTI crude futures gained 68 cents (or 0.8%) to close at $82.25 a barrel yesterday — the highest since Apr 30. We believe that oil's current levels of just above$80 allow long-term-oriented market participants to buy shares in quality companies at attractive prices. Investors interested in the se ...