Oil prices were lower today despite a large drawdown of crude inventories. U.S. crude oil inventories fell by nearly 6 million barrels last week on strong exports and refining run rates, despite crude production rising to its highest since the coronavirus pandemic decimated fuel consumption, Energy Information Administration data showed on Wednesday. “This week’s draw simply offset last week’s unexpected 6 million barrel build and looking ahead to next week, we can see a sharp decline in exports that will likely prompt a counter-seasonal crude stock build,” said Jim Ritterbusch, president of Ritterbusch and Associates LLC in Galena, Illinois. Gasoline inventories fell by 300K/bbls and distillate inventories increased by 300K/bbls. WTI traded down $1.61 or -2% to close at $79.38. Brent traded down $1.44 or -1.7% to close at $83.45.