First Crude Oil Draw In 2023 Pushes Oil Prices Higher ...Middle East

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First Crude Oil Draw In 2023 Pushes Oil Prices Higher
source : OILPRICE ( Middle East ) () 31
Crude oil prices moved up today after the U.S. Energy Information Administration estimated an inventory draw of 1.7 million barrels for the week to March 3. This compared with a build of 1.2 million barrels for the previous week. At 478.5 million barrels, crude oil inventories are 7 percent above the five-year seasonal average. The latest estimate follows a string of substantial inventory builds that have pressured prices and that the EIA blamed on production underreporting from the industry and crude oil blending. To remedy matters, the agency…

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