Oil Supported By Crude, Gasoline Draws

Crude oil prices were trading lower today after the Energy Information Administration reported that U.S. crude oil inventories had shed 2 million barrels in the week to March 15, with gasoline stocks also declining. The crude oil inventory change compared with a draw of 1.5 million barrels for the previous week, which also featured a substantial inventory decline in gasoline inventories. Gasoline inventories fell by 3.3 million barrels in the week to March 15, with production averaging 9.6 barrels daily. This compared with a draw…