WTI oil prices have climbed above $103, due in part to a large drawdown in US inventories, reported by the PAI last night. Crude inventories fell over 10 million barrels, according to the report. The drawdown was attributable to a large drop in imports to 6.78 million barrels per day, which is significant. The oversupply of crude oil along the Gulf Coast refining sector has been well-chronicled.
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