Major Products Draws Send Oil Prices Higher

Crude oil prices climbed today, after the U.S. Energy Information Administration reported another weekly build in crude oil inventories of 1.1 million barrels. That compared with a build of 1.6 million barrels for the previous week. The authority also reported major draws in fuel inventories for the week to March 17, with both gasoline and distillate fuel stocks down. U.S. crude oil stocks stood at 481.2 million barrels at the end of last week, which was about 8 percent above the five-year average for this time of the year. A day earlier, the American…