Crude oil prices ticked higher today, after the Energy Information Administration reported a draw across the board
Crude oil prices ticked higher today, after the Energy Information Administration reported an inventory decline of 4.5 million barrels for the week to September 20. The change compares with a draw of 1.6 million barrels for the previous week, which in turn followed a small inventory build of less than 1 million barrels that nevertheless weighed on prices. Last week’s crude oil inventory change was accompanied by more draws in fuel stocks. Gasoline inventories shed 1.
also had a bullish message for markets in its latest report, the World Oil Outlook. In it, the cartel revised up its long-term demand for oil, saying it would top 120 million barrels per day by 2050. This projection is driven by strong demand from non-OECD countries, which are expected to see the bulk of this growth,
said. By Irina Slav for Oilprice.com
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