The Energy Information Administration reported a crude oil inventory decline of 2.7 million barrels for the week to January 11 but the report failed to have any palpable effect on oil prices. Inventories are about 8 percent above the five-year average for the season. Yesterday, the American Petroleum Institute had reported an uncharacteristically modest estimated inventory draw of 560,000 barrels for last week. The EIA said refineries in the U.S. had processed an average 17.2 million barrels of crude daily in the seven days to January 11, producing…
