NEW YORK, June 22 (Reuters) - Oil prices settled down more than 1 percent on Wednesday after a smaller-than-expected U.S. inventory drawdown and amid jitters ahead of a vote on whether Britain should stay in the European Union.

Crude futures rose early in the day, before the U.S. Energy Information Administration (EIA) reported a stockpile decline of 917,000 barrels for the week ended June 17.

While it was the fifth consecutive weekly draw for crude, the number posted by the EIA was smaller than a 1.7 million-barrel drawdown forecast by analysts in a Reuters poll. It was also about a third of the 5.2 million-barrel drop reported on Tuesday by trade group the American Petroleum Institute (API).

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Long term oil will loose value as hybrid cars become more prevalent , and other alternatives enter the market, I m afraid to say technology is catching up with us.

Long term oil will loose value as hybrid cars become more prevalent , and other alternatives enter the market, I m afraid to say technology is catching up with us.

Price of oil is more to do with the fact governments and individuals have been spending money on the credit card like there is to tomorrow for 15 years.

Now its time to pay the piper.

The can that QE and ZIRP/NIRP kicked down the road in 2008 is looking pretty fcked.