Oil prices rise on smaller crude inventory build and major product draws.

Crude oil prices rose after the US Energy Information Administration reported a weekly build in crude oil inventories of 1.1 million barrels, compared with a build of 1.6 million barrels for the previous week. However, the authority also reported major draws in fuel inventories for the week to 17 March, with both gasoline and distillate fuel stocks down. US crude oil stocks stood at 481.2 million barrels at the end of last week, which was about 8% above the five-year average for this time of the year.