Crude Inventory Build Sends Oil Prices Lower

Crude oil prices moved lower today after the Energy Information Administration reported a crude oil inventory build of 3.9 million barrels for the week to November 4. This compared with a draw of 3.1 million barrels for the previous week, which followed a weekly build of 2.6 million barrels, as estimated by the EIA.

In gasoline, the EIA estimated an inventory decline of 900,000 barrels, with production averaging 9.8 million barrels daily. This compared with a draw of 1.3 million barrels for the previous week and production of 9.5 million barrels…