Crude Gains Offset by Draws in Oil Products

Crude oil inventories in the United States increased by 1.9 million barrels during the week ending April 17, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 465.7 million barrels according to government data, which is still 3% above the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories saw a draw of 4.4 million barrels in the period.…