Oil reversed its early course to settle higher after an EIA report showed a decline in US crude inventories. Oil hit a fresh high after a U.S. government report showed an unexpected drop in crude stockpiles, allaying concerns that higher prices would blunt demand. Futures in New York rose 1.3% to a fresh seven-year high, after earlier falling as much as 1.2% on Wednesday. Domestic crude inventories fell 431,000 barrels last week, according to an Energy Information Administration report. The industry-funded American Petroleum Institute reported a 3.29 million-barrel weekly gain on Tuesday. “This is just a sign of an economic recovery that continues and the essential nature of crude oil-related products and the role they play in this recovery,” said Rob Thummel, a portfolio manager at Tortoise, a firm that manages roughly $8 billion in energy-related assets. “The concerns about demand destruction really aren’t evident.” Oil has rallied as […]