Oil prices rose today supported by a strong outlook for demand in the United States after fuel inventories fell more than expected. Brent Crude was trading 0.4 per cent up at 71 dollars and six cents per barrel. WTI Crude was trading over 0.4 per cent up at 67 dollars and 44 cents per barrel, when reports last came in.
Meanwhile, Energy Information Administration data showed a higher than expected draw down last week in distillate inventories, including diesel and heating oil, which fell by 2.8 million barrels. Total motor gasoline inventories decreased by 0.5 million barrels from last week. Alternatively, US commercial crude oil inventories increased by 1.7 million barrels to 437 million barrels in the week ending 14th March.