Oil Moves Higher On EIA Inventory Draw

Crude oil prices moved higher today after the Energy Information Administration reported a crude oil inventory draw of 2.2 million barrels for the week to September 22. This compared with an inventory draw of 2.1 million barrels for the previous week, which in turn followed a build of around 4 million barrels for the week before that.

In fuels, the EIA reported inventory builds. Gasoline stocks added 1 million barrels in the week to September 22, which compared with a decline of 800,000 barrels for the previous week. Gasoline production averaged…