Oil Prices React to Inventory Draw and Economic Concerns
Crude oil prices rose after the Energy Information Administration reported a larger than expected inventory draw of 5.1 million barrels for the week to April 21, along with a decline in gasoline inventories and a smaller draw in middle distillate inventories. Refineries in the United States processed an average 15.8 million barrels daily last week, operating at 91.3% of capacity. However, concerns about demand remain due to Treasury Secretary Janet Yellen's call on Congress to raise or suspend the debt ceiling to avoid an "economic catastrophe."