Oil Prices Rise on an Inventory Draw and Hopes of an Interest Rate Cut

Crude oil prices started trade today in Asia with gains following an industry report that saw yet another weekly decline in inventories as well as a smaller-than-expected increase in producer prices that fueled hopes for a rate cut. The American Petroleum Institute reported an estimated oil inventory decline of 5 million barrels for last week, following a week of a moderate increase. Based on API weekly data, U.S. oil inventories have gained some 400,000 barrels in total since the start of the year. The EIA will report inventory figures later today.…