On Rises Small Gasoline, Crude Draw

Oil prices rose today after the Energy Information Administration reported crude oil inventories in the country had shed 1 million barrels in the week to May 20. At 419.8 million barrels, crude oil inventories are 14 percent below the five-year average for this time of the year. Last week’s inventory change compared with a draw of 3.4 million barrels estimated for the previous week. In gasoline, the EIA reported an inventory decline of 500,000 barrels for the week to May 20, with gasoline production averaging 9.4 million bpd. The week before,…