Oil prices were higher today gaining about 1% on a larger than expected decline in crude inventories. Crude inventories fell by 12.2 MM/bbls vs a 680K/bbls forecasted draw. “Strong exports, a slight drop in imports, and a rebound in refinery runs colluded to draw crude inventories by a whopping 12 million barrels,” said Kpler oil analyst Matt Smith. Potential supply disruptions to Hurricane Beryl have also kept prices elevated, although concerns eased after the U.S. National Hurricane Center said the storm was expected to weaken by the time it entered the Gulf of Mexico this week. Also dampening prices were surveys that showed that China’s services activity expanded at the slowest pace in eight months and confidence hit a four-year low in June. WTI traded up $1.07 or 1.3% to close at $83.88. Brent traded up $1.10 or 1.3% to close at $87.34.