Oil prices were lower today, extending yesterday’s losses as economic growth is pressured by rising rates. Financial markets struggled again today after yesterday’s comments by Fed Chair Jerome Powell. “Oil prices are still seeing downward pressure due to the hawkish comments coming out of the Fed indicating higher interest rates for a longer period of time,” said Andrew Lipow, president of consultants Lipow Oil Associates. Supporting prices was a larger than expected crude inventory draw. Crude inventories fell 1.7MM/bbls, versus an expected build of 395K/bbls. Gasoline inventories fell by 1.1MM/bbls and distillates inventories grew by 138K/bbls. WTI traded down $.92 or -1.2% to close at $76.66. Brent traded down $.63 or -.8% to close at $82.66.