Oil Prices Inch Lower After EIA Confirms Crude Build

Crude oil prices inched lower today, after the U.S. Energy Information Administration reported a crude oil inventory build of 4.1 million barrels for the week to January 27. This compared with a modest inventory increase of half a million barrels for the previous week, which in turn followed two weeks of substantial inventory builds.

In gasoline, the EIA estimated an inventory increase of 2.6 million barrels for the reporting period. It compared with a build of 1.8 million barrels for the previous week. Gasoline inventories are currently at a ten-year…