Oil glut concerns back despite crude inventory draws - UOB

Analysts at UOB noted that the US government reported a ninth straight week of crude inventory draws, easing some concerns in a market worried about a glut.

Key Quotes:

"US gasoline prices, however, hit fourmonth lows after the data from the US Energy Information Administration (EIA) also showed a surprise build in supplies of the motor fuel despite forecasts of American drivers hitting the road in record numbers this summer."

"The EIA said crude inventories fell 2.3mn barrels in the week to 15 July, close to expectations for a decrease of 2.1mn barrels."