The API (American Petroleum Institute) reported a draw in gasoline inventories for the week ending February 22 in the amount of 3.8 million barrels. Analysts had estimated a draw in gasoline inventories of 1.686 million barrels for the week. WTI Crude is $56.54; Brent is $66.10 this morning.
Oil is up about 20 percent since the start of the year, when OPEC and non-member producers, such as Russia, began cutting production in an effort to reduce a global glut. WTI Crude is $55.31; Brent is $65.01 this morning.
OPEC and its allies, including Russia, agreed in December to cut oil production steeply under a global supply deal to prevent a glut this year. WTI Crude is $57.43; Brent is $67.13 this morning.
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