Oil Prices Leap After Draw in U.S. Stocks

Oil prices have jumped over USD 2 a barrel on Wednesday, 15 September, after U. S. governmental data had showed a larger than expected drawdown in U.S. crude inventories.
Expectations indicate that demand will rise as vaccination campaigns widen their scope.
Crude oil prices went up today on bullish news from the U.S. Energy Information Administration, which reported a 6.4-million-barrel draw in crude oil inventories and another draw in fuel inventories.
Last week, the EIA estimated a modest 1.3-million-barrel decline in crude oil inventories but a sizeable draw in gasoline pushed prices higher, signaling that strong demand has not wavered amid the latest surge in Covid-19 infections.
Production of gasoline last week averaged 9.3 million barrel per day, compared with 10.1 million barrel per day a week earlier.