Crude Inventory Draw Boosts Oil Prices
Crude oil prices rose after the Energy Information Administration reported a 6.1 million barrel draw in inventories for the week ending August 18. U.S. commercial crude oil inventories are now 2% below the five-year average. Gasoline inventories increased by 1.5 million barrels, while middle distillate inventories rose by 900,000 barrels. Concerns over another U.S. rate hike and China's economic indicators continue to impact oil prices. However, despite these headwinds, the oil market's fundamentals remain constructive.