Brent Holds Above $110 As EIA Confirms Crude Draw

Crude oil prices remained elevated today after the U.S. Energy Information Administration reported crude oil inventories had shed 2.6 million barrels in the week to February 25. This compared with a build of 4.5 million barrels for the previous, which also failed to reverse the direction of oil prices as it was reported a day before the Russian invasion of Ukraine when the heightened geopolitical tensions in the region had already pushed prices higher. The EIA also reported a draw in gasoline inventories and a decline in middle distillate stocks.…