Crude, Gasoline Draw Props up Oil Prices

U.S. crude oil inventories fell by 3.169 million barrels in the week ending July 18, the Energy Information Administration (EIA) reported on Wednesday, broadly confirming the earlier API estimate but with a steeper decline. Analysts had expected a more modest draw, reinforcing signs of strong refining activity and steady demand amid peak summer travel. Inventories at the Cushing, Oklahoma delivery hub rose by 455,000 barrels, signaling a slight increase in storage at the critical NYMEX WTI settlement point. Gasoline stocks also fell by 1.738 million…