Oil Prices Jump On Record Production Plunge, Major Gasoline Draw

Oil prices rose today after the Energy Information Administration reported an inventory decline of 1.5 million barrels for the week to September 3, with sizeable draws in fuel inventories as well. At 423.9 million barrels, the EIA said, crude oil inventories are below the five-year average for this time of the year. Last week’s draw compared with an inventory decline of 7.2 million barrels estimated for the previous week. Analysts had expected the authority to report an oil stock In gasoline, the EIA reported an inventory draw of 7.2 million…