Crude Oil Rallies as U.S. Inventory Draw Outruns Supply Relief November WTI crude oil futures are up sharply for the week through Thursday night. The gain did not come from one headline. The market has spent the week dealing with tanker attacks near the Strait of Hormuz, renewed attacks on Russian refineries, emergency stock releases and fresh talk of legal oil moving on previously sanctioned vessels.
The release and shipping headlines gave both sides of the trade something to work with. WTI got the stronger bid when the EIA reported a large U.S.…