Oil futures rose Thursday after US Energy Information Administration data showed an unexpected draw in crude stocks last week, lifting NYMEX April crude $1.09 to $62.77/b. Crude stocks fell 1.616 million barrels to 420.479 million barrels in the week that ended February 16, snapping a streak of three straight builds. Inventories typically build at this time of year as refinery demand slows because of winter maintenance. US refinery utilization fell 1.7 percentage points last week to 88.1% of capacity. Analysts S&P Global Platts surveyed Tuesday expected a build of 2.5 million barrels. The five-year average for the same period shows an increase of 3.5 million barrels. The market responded immediately to the EIA inventory data, turning positive and staying in the black for the rest of the session. “The WTI price rose by nearly $1/b during the hour after the numbers were released, reversing some of the decline that […]