Crude oil prices ticked higher today, after the Energy Information Administration reported an inventory decline of 4.5 million barrels for the week to September 20. The change compares with a draw of 1.6 million barrels for the previous week, which in turn followed a small inventory build of less than 1 million barrels that nevertheless weighed on price Oil prices, meanwhile, declined earlier today as initial enthusiasm about Chinese economic stimulus appeared to have fizzled out, replaced by now chronic pessimism about demand in the world’s largest oil importer. Right after the stimulus announcement, the benchmarks gained close to 2% but the gains did not last. On the other hand, the American Petroleum Institute’s weekly inventory report injected some bullishness into the market, as the API estimated crude oil inventories to have declined more than expected in the week to September 20, by 4.34 million barrels. Prices also got some temporary support from the latest storm barreling through the Gulf of Mexico, which forecasters said may interfere with normal operations in the region. Some production of crude and natural gas has already been shut in ahead of the storm. OPEC also had a bullish message for markets in its latest report, the World Oil Outlook. In it, the cartel revised up its long-term demand for oil, saying it would top 120 million barrels per day by 2050. This projection is driven by strong demand from non-OECD countries, which are expected to see the bulk of this growth, OPEC said.