23 Aug, 23

Oil Moves Higher On Large Crude Inventory Draw

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Crude oil prices moved higher today, after the Energy Information Administration reported an inventory draw of 6.1 million barrels for the week to August 18. This compared with a decline of a substantial 6 million barrels for the previous week, which in turn followed a build of almost identical size for the week before that. At 433.5 million barrels as of August 18, U.S. commercial crude oil inventories are 2% below the five-year average for this time of the year, the EIA said. In fuels, the authority estimated a gasoline stock build and a middle…

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