Crude oil moved higher today after the Energy Information Administration reported a small inventory build of 100,000 barrels for the week to April 23. At 493.1 million barrels, oil inventories are within the five-year seasonal average. Analysts had expected the EIA to report a lightly larger inventory increase of 375,000 barrels.
A week earlier, the EIA reported a modest inventory build in crude oil, at 600,000 barrels. The authority also reported a 100,000-barrel inventory increase in gasoline inventories, with average production at 9.6 million…Oil Creeps Higher After EIA Data Report
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