Oil Rebounds On Surprise Crude Inventory Draw

A week after it reported a sizeable oil inventory build that pushed prices lower for a while, the EIA today said crude oil had last week shed 400,000 barrels. At 426.5 million barrels, inventories remain below the five-year average for this time of the year. Gasoline inventories were down last week, by a sizeable 5.4 million barrels. This compared with a draw of 2 million barrels for the previous week. Gasoline production last week averaged 10.1 million bpd, which compared with 9.6 million bpd a week earlier. In middle distillates, the EIA estimated…