Oil Prices Rise on Inventory Drawdowns

Oil prices rose after the Energy Information Administration reported a crude oil inventory draw of 3.7 million barrels for the week to March 31. OPEC+ deciding to reduce oil production by another million barrels daily also pushed prices higher. The EIA also reported an inventory decline in gasoline and middle distillate inventories for the last week of March. However, benchmarks stabilized as analysts questioned the immediate future of oil demand due to the cooling rate of post-pandemic recovery in China and the United States.