Oil Prices Rise Further On Large Crude Inventory Draw

Crude oil prices went up today on bullish news from the U.S. Energy Information Administration, which reported a 6.4-million-barrel draw in crude oil inventories and another draw in fuel inventories. A week earlier, the EIA had estimated a modest 1.3-million-barrel decline in crude oil inventories but a sizeable draw in gasoline pushed prices higher, signaling that strong demand has not wavered amid the latest surge in Covid-19 infections. For the week to September 10, the EIA reported another draw in gasoline inventories, at 1.9 million. This…