Bullish EIA Data Sends Crude Prices Higher

Crude oil prices inched higher, after the Energy Information Administration reported an inventory draw of 1.4 million barrels for the week to September 30. The EIA also reported large draws in fuel stocks. The crude oil inventory change compared with a modest draw of 200,000 barrels for the previous week and it came after OPEC+ agreed a cut of 2 million barrels to daily production, which was also bullish for prices. OPEC+ today agreed to reduce its combined production amid expectations of demand destruction because of the global economic slowdown,…