Oil Prices Continue To Rally As EIA Confirms Crude Inventory Draw

Crude oil prices moved higher today after the U.S. Energy Information Administration reported a crude oil inventory draw of 3.4 million barrels for the week to March 25. This compared with a decline of 2.5 million barrels the EIA had estimated for the previous week, and another draw of 3 million barrels, estimated by the American Petroleum Institute for the week to March 25. In gasoline, the EIA reported a modest build in inventories, at 800,000 barrels. Gasoline production averaged 9.1 million bpd last week. This compared with an inventory draw…