Oil Moves Lower Despite Significant drop in Crude Oil Inventories

Crude oil prices fell today, after the Energy Information Administration reported an inventory decline of 4.5 million barrels for the week to September 20. The change compares with a draw of 1.6 million barrels for the previous week, which in turn followed a small inventory build of less than 1 million barrels that nevertheless weighed on prices. Last week’s crude oil inventory change was accompanied by more draws in fuel stocks. Gasoline inventories shed 1.5 million barrels in the reporting period, with production standing at an average…