Oil Prices Up 1% After Ninth Weekly US Crude Drawdown

NEW YORK, July 20 (Reuters) - Oil prices rose as much as 1 percent on Wednesday, lifting U.S. crude from two-month lows, after the U.S. government reported a ninth straight week of crude inventory draws, easing some concerns in a market worried about a glut.

U.S. gasoline prices, however, hit four-month lows after the data from the U.S. Energy Information Administration 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 2.3 million barrels in the week to July 15, close to analysts' expectations for a decrease of 2.1 million barrels.

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