Crude oil prices moved up today after the U.S. Energy Information Administration estimated an inventory draw of 1.7 million barrels for the week to March 3. This compared with a build of 1.2 million barrels for the previous week. At 478.5 million barrels, crude oil inventories are 7 percent above the five-year seasonal average.
The latest estimate follows a string of substantial inventory builds that have pressured prices and that the EIA blamed on production underreporting from the industry and crude oil blending. To remedy matters, the agency…First Crude Oil Draw In 2023 Pushes Oil Prices Higher
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