Oil prices were higher today after the EIA reported a draw in crude oil inventories. Crude stocks fell by 2.5MM/bbls compared to a forecasted draw of 2.2MM/bbls. A summer uptick in oil demand, refinery runs and ongoing weather risks added to extended production cuts by the OPEC+ producer group mean that “oil balances should tighten and inventories should begin to draw during the summer months”, JPMorgan commodities analysts wrote. Labor market momentum has ebbed in tandem with the overall economy as the Fed has tightened policy to fight inflation. With that pressure subsiding, a rate cut this year remains on the table. WTI traded up $.60 or .74% to close at $82.17. Brent traded up $.64 or .75% to close at $85.71.