Crude oil prices rose today after the Energy Information Administration reported a crude oil inventory decline of 700,000 barrels for the week to May 8. This compared with a build of 4.6 million barrels for the previous week. The American Petroleum Institute yesterday reported an estimated 7.58-million-barrel inventory increase for the week to May 8. In gasoline, the EIA reported an inventory draw of 3.5 million barrels, after a draw of 3.2 million for the previous week, which sparked hopes for demand recovery. Gasoline production last week averaged 7.5 million bpd, versus 6.7 million bpd a week earlier. In distillate fuels, the EIA reported an inventory rise of 3.5 million barrels for last week. A week earlier, distillate fuel inventories had added 9.5 million barrels, with production at 5.1 million bpd. Last week, distillate fuel production averaged 4.9 million bpd. Refineries processed 12.4 million barrels of crude daily last […]