Oil prices jump on large inventory draw

Crude oil prices jumped higher today after the Energy Information Administration reported a crude oil inventory draw of 9.9 million barrels for the week to January 22. Fuel inventories were mixed.

The crude oil draw compared with a build of 4.4 million barrels for the previous week. It also compared with analyst expectations for a modest increase of some 600,000 barrels.

In gasoline, the authority reported an inventory increase of 2.5 million barrels for the week to January 22, with production averaging 8.7 million bpd. This compared with a modest inventory decline of 300,000 barrels and average production of 8.9 million bpd for the previous week.

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.

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