Oil prices hit new highs today with Brent trading at its highest since January and WTI trading at its highest since November of last year. Gasoline and distillate inventories continue to draw down as stocks had a draw of 2.7MM/bbls and 1.7MM/bbls respectively. “The draws in refined products continue to be bullish for the oil market,” said Andrew Lipow, president at Lipow Oil Associates in Houston. Crude stocks had a build of 5.8MM/bbls but the market shrugged that off after last week’s record draw. Chinas consumer sector fell into deflation and factory gate prices extended declines in July. WTI traded up $1.48 or 1.8% to close at $84.40. Brent traded up $1.38 or 1.6% to close at $87.55