Oil Rallies Despite Large Jump in Fuel Inventories

Crude oil prices ticked lower today, after the U.S. Energy Information Administration reported an inventory draw of 1.2 million barrels for the final week of 2024 but said gasoline and middle distillate stockpiles had added a sizeable volume. The crude inventory change compared with a draw of 4.2 million barrels for the previous week, when the authority also reported a build in gasoline inventories and a draw in middle distillate stocks. For the final week of the year, the EIA estimated a gasoline inventory build of 7.7 million barrels, with production…