Crude oil prices reversed their decline today after the Energy Information Administration reported an oil inventory draw of 1.6 million barrels for the week to September 18. This compares with a draw of 4.4 million barrels for the previous week. The report came a day after the American Petroleum Institute propped prices up temporarily by estimating a sizeable decline in gasoline stocks, coupled with a modest build in crude oil stocks. Analysts, on the other hand, had expected the EIA this week to report an inventory draw of 2.325 million barrels. In gasoline, the EIA estimated an inventory draw of 4 million barrels for the week to September 18, compared with a decline of 400,000 barrels for the previous week. This also helped prices up. Gasoline production averaged 9.3 million bpd last week, up on a week earlier, when gasoline output averaged just 8.8 million bpd. In distillate fuels, […]