Oil prices were higher today trading up after a bigger than expected weekly drop in US crude inventories. Crude inventories fell by 4.9MM/bbls, compared to a forecasted draw of just 30K/bbls. In U.S. refining news, the diesel and 321- crack spreads, which measure refining profit margins, fell to their lowest levels since December 2021 and January 2024, respectively. A weaker U.S. dollar, opens new tab, also helped support oil prices after the dollar hit a 17-week low against a basket of major currencies. In the U.S., single-family homebuilding fell to an eight-month low in June amid higher mortgage rates, suggesting the housing market was likely a drag on economic growth in the second quarter. WTI traded up $2.09 or 2.6% to close at $82.85. Brent traded up $1.35 or 1.6% to close at $85.08.