Oil Prices Inch Lower As Crude Inventories Continue To Build

The Energy Information Administration reported a crude oil inventory build of 2.4 million barrels for the week to March 12, up/down from a build of 13.8 million barrels the authority reported for the previous week. A day earlier, the American Petroleum Institute surprised markets by estimating an oil inventory decline for the same week, of 1 million barrels.

Hefty builds in both crude and fuel inventories were expected in the past three weeks after the wave of Arctic weather that swept across Texas prompted refinery closures and stocking up of…