Oil Trades Higher after U.S. Inventory Draw .

Crude futures held onto positive territory, shrugging off a broader market decline, as a government report suggested better-than-expected oil demand last week.

Light, sweet crude for September delivery was up $1.37, or 1.7%, to $80.67 a barrel in midday trade on the New York Mercantile Exchange. Brent crude on ICE Futures Europe was up $2.06, or 2%, to $104.63 a barrel.

U.S. commercial oil inventories dropped 5.2 million barrels last week, while gasoline stockpiles fell and refiners ramped up their operations, the Department of Energy said. The report came as a surprise to analysts, who had expected tepid crude demand in the world's biggest consumer to lead to an increase in inventories and reductions to refinery runs.

"The draw in the products suggests demand hasn't really fallen off the table," said Gene McGillian, a broker and analyst at Tradition Energy in Stamford, Conn.

Read Full Article from Wall Street Journal

- Posted: 2011-08-10 11:27:31

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