Oil Slips as EIA Reports Crude Draw, Sharp Builds in Gasoline, Distillate Stocks

Crude oil inventories in the United States posted a sharp draw last week, even as gasoline and distillate stockpiles recorded sizable builds, according to new data released Wednesday by the U.S. Energy Information Administration (EIA). U.S. commercial crude oil inventories, excluding the Strategic Petroleum Reserve, fell by 3.8 million barrels in the week ending January 2, bringing total stockpiles to 419.1 million barrels. Crude inventories remain roughly 3% below the five-year average for this time of year. Refinery activity edged higher on the…