Oil Prices Head Lower Despite Small Crude Draw

Crude oil prices were stubbornly down following the Energy Information Administration reported a modest crude oil inventory draw of 400,000 barrels for the week to January 17. This compared with analyst expectations of a 1.117-million-barrel inventory decline and a draw of 2.5 million barrels reported a week earlier. Last week, however, oil prices were pressured by the EIA’s reporting of hefty builds in both gasoline and distillate fuel. For last week, the authority reported a build in gasoline, of 1.7 million barrels, and a 1.2-million-barrel…