Standard Chartered: OPEC’s Latest Move Is Bullish

Oil markets have managed to reverse their early week losses, inching up higher in Wednesday’s session after the Energy Information Administration reported significant inventory draws across various fuels. The EIA has reported a smaller crude build of 1.4 million barrels for the week ending March 1 compared with a build of 4.2 million barrels for the previous week, while the American Petroleum Institute has pegged the crude build at just 423,000 barrels. The EIA has also estimated inventory draws of 4.5 million barrels of gasoline…