Oil Inches Higher on Fuel Inventory Draws

Crude oil prices moved higher today, after the Energy Information Administration reported estimated inventory draws across fuels. In crude, the EIA reported a build of 1.4 million barrels for the week to March 1. The EIA also estimated draws of over 4 million barrels each in gasoline and middle distillate stocks. The crude oil build compared with another, of 4.2 million barrels, for the previous week, which was accompanied by a draw across fuels. It also compared with an estimated crude inventory increase of a modest 423,000…