Oil prices rose today after lukewarm inflation data and a draw in crude inventories. US crude inventories fell 2.5MM/bbls, much higher than the 500K/bbl draw expected. “The crude oil draw is mostly from the increase in the refinery utilization rate … Refiners finally got serious about that, finally cranked it up a bit,” Bob Yawger, director of energy futures at Mizuho told Reuters. U.S. consumer prices increased less than expected in April, suggesting that inflation resumed its downward trend at the start of the second quarter in a boost to financial market expectations the U.S. Federal Reserve (Fed) will cut interest rates in September. With the Fed expected to cut interest rates later this year, the U.S. dollar fell to a five-week low against a basket of other currencies. WTI traded up $.61 or .8% to close at $78.63. Brent traded up $.37 or .5% to close at $82.75.