Oil prices climbed today rebounding from four-month lows as hopes of an interest rate cut in September outweighed demand concerns from todays EIA report. “Data outside of the oil world was sufficiently weak that it’s going to give cover to the Fed to finally cut rates and spur some growth,” said John Kilduff, partner at Again Capital. Crude stocks jumped 1.2MM/bbls compared with analyst expectation of a draw of 2.3MM/bbls. Gasoline inventories rose by 2.1 million barrels versus expectations for an increase of 2 million barrels, adding to demand concerns as the week reflected fuel usage around the Memorial Day holiday. Distillate stocks rose by 3.2 million barrels compared with estimates of an increase of 2.5 million, EIA data showed. WTI traded up $.82 or -1.1% to close at $74.07. Brent traded up $.89 or -1.2% to close at $78.41.