Oil prices were higher today edging up about 1% on a smaller-than-expected build in U.S. crude inventories, a big withdrawal from distillate and gasoline stocks. Crude stocks had a build of 1.4MM/bbls compared to a forcasted build of 2.1MM/bbls. “The draw down in gasoline and distillates has the market’s attention. This is a wake up call that we have a very tight market,” Price Futures Group analyst Phil Flynn said. Also supporting prices was the Fed’s comments about interest rate cuts. In remarks prepared for Congress, U.S. Federal Reserve Chair Jerome Powell said the central bank still expects to reduce its benchmark interest rate later this year, though policymakers still needed “greater confidence” in inflation’s continued decline. WTI traded up $.98 or 1.3% to settle at $79.13. Brent traded up $.92 or 1.1% to close at $82.96.