Strong Gasoline Draw Supports Oil Prices

Crude oil inventories in the United States fell by 2.668 million barrels for week ending October 20, according to The American Petroleum Institute (API), after a 4.383-million-barrel dip in crude inventories in the week prior, API data showed. Analysts were expecting a build of 1.550 million barrels for the week.

API data shows a net draw in crude oil inventories in the United States of 2.679 million barrels so far this year. On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic…