Bearish EIA Inventory Report Sends Oil Prices Lower

Crude oil prices fell further today after the Energy Information Administration reported a crude oil inventory build of 4.4 million barrels for the week to January 15. This compared with an inventory decline of 3.2 million barrels estimated by the EIA for the previous week. In gasoline, the EIA reported an inventory fall of 300,000 barrels for the week to January 15, which compared with a 4.

4-million-barrel build for the previous week. Gasoline production averaged 8.9 million bpd last week, which compared with 7.5 million bpd in the first week…