Oil prices edged up today from five month lows in yesterday’s session on a bigger than expected crude draw. Commercial crude inventories decreased by 4.3MM/bbls while gasoline inventories increased by 400K/bbls and distillate inventories increased by 1.5MM/bbls. “This (EIA) report is definitely more supportive than the (API) report that we saw yesterday,” said Phil Flynn, an analyst at Price Futures Group, referring to the “larger than expected drawdown in crude oil supplies” in the EIA report. The Federal Reserve statement today indicated that it would hold interest rates steady and start reducing borrowing costs in 2024. WTI traded up $.86 or 1.3% to close at $69.47. Brent traded up 1.02 or 1.4 to close at $74.26.