Stock Market Update

[BRIEFING.COM] There hasn't been much up or down action at the index level in recent trading.

Earlier, the weekly EIA Crude Oil Inventories showed a draw of 1.96 million barrels following last week's draw of 959,000. WTI crude oil futures didn't react strongly to the release, trading 1.5% higher than yesterday's settlement at $77.46/bbl. 

Rising oil prices were piling onto concerns about sticky inflation in recent sessions, but that isn't the case today following the pleasing CPI data. 

The S&P 500 energy sector trades 0.9% higher, benefitting from the move in oil and natural gas ($3.48/mmbtu, +0.04, +1.3%), with most components trading up. Exxon Mobil (XOM 110.85, +1.13, +1.0%) and Chevron (CVX 157.96, +1.06, +0.7%) are influential winners in the space.