Oil Inches Lower Despite Crude Inventory Draw

Crude oil prices slipped today after the U.S. Energy Information Administration reported crude oil inventories had shed 1.7 million barrels in the week to October 14. This compared with an inventory build of 9.9 million barrels for the previous week and an API estimate of declines in both crude and fuels for the week to October 14. In gasoline stocks, the EIA reported a draw of 100,000 barrels, which compared with a build of 2 million barrels for the previous week. Gasoline production averaged 9.4 million bpd in the week to October 14, which compared…