Crude oil prices went up today after the Energy Information Administration reported a crude oil inventory draw of 4.8 million barrels for the week to February 4. A day earlier, the American Petroleum Institute surprised the market with an inventory draw, which pushed prices higher. The draw estimated by the EIA compared with an inventory decline of 1 million barrels for the previous week.
Inventories remain below the seasonal five-year average supporting higher oil prices. In gasoline, the authority reported an inventory decline of 1.6 million…Oil Moves Higher As EIA Confirms Inventory Draws Across The Board
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