Oil prices were higher today supported by large declines in US crude and fuel inventories. Prices snapped a three day losing streak also buoyed in part by Canadian wildfires out west and potential supply risks. US crude inventories fell by 3.7MM/bbls compares to a forecasted draw of only 1.6MM/bbls. Gasoline stocks dropped by 5.6MM/bbls (vs a 400K/bbl forecasted draw) and distillate inventories fell by 2.8MM/bbls (vs a 250K expected increase). “Demand is better than anticipated,” said Bob Yawger, director of energy futures at Mizuho in New York. “As long as gasoline is doing well, that will support the rest of the market into the short-term future. Higher distillates demand was the icing on the cake,” Yawger added. However, the market remained wary about global summer demand. U.S. oil refiners are expected to report sharply lower second-quarter earnings versus a year ago after a listless summer-driving season weakened refining margins, energy analysts said. WTI traded up $.63 or .8% to close at $77.59. Brent traded up $.70 or .9% to close at $81.71.