Surprise Crude Draw Bolsters Oil Prices

Oil prices got some support from bullish EIA data today after the U.S. Energy Information Administration reported a crude oil inventory draw of 1.9 million barrels for the week to March 4. At 411.6 million barrels, the EIA said, crude oil inventories are 13 percent below the five-year average for this time of the year. A week earlier, the EIA had estimated an inventory draw of 2.6 million barrels, which helped strengthen the oil price rally accelerated by Russia’s invasion of Ukraine. In fuels, the EIA reported draws across the board. Gasoline…