Oil Prices Rise On Huge Draw In Gasoline Stocks

Crude oil prices inched up after the EIA reported a smaller-than-expected build of 5.9 million barrels in crude oil inventories for the week to September 8, after a 4.6-million-barrel build in the prior week due to the Gulf Coast refinery shutdowns. A day earlier the American Petroleum Institute had estimated crude oil inventories had risen for the second week in a row, by a hefty 6.18 million barrels, which was only to be expected as the market is prepared for the Hurricane Harvey effects on Gulf Coast refining to linger for another few weeks.…

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