Oil prices were higher today, increasing by more than $2 on a bullish EIA report. Crude inventories fell by 5.89MM\/bbls, compared to estimates of a 1.6MM\/bbl draw. “This report is very bullish, especially with the fact that there’s a draw from the crude oil equation and distillate inventories stopped their streak of builds ahead of the cold blast,” said Phil Flynn, analyst at Price Futures group. Markets are also still awaiting clarity on the Keystone issue, which is a major source of product supplied into US refiners. Saudi Arabia\u2019s energy ministered boasted that the widely criticized move to cut prices turned out to be the right decision. This could signal continued OPEC+ tightness in the coming months. WTI traded up $2.06 or 2.7% to close at $78.29. Brent traded up $2.21 or 2.76% to close at $82.20.<\/p>\n\n\n\n
Oil prices were higher today, in another volatile session as a weaker dollar was supportive of prices.<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-8232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n