Oil Drops on Inventory Build

Crude oil prices moved lower today, after the U.S. Energy Information Administration reported an estimated inventory increase of 3.7 million barrels for the week to June 7. The change compared with a weekly build of 1.2 million barrels for the previous week that was also accompanied by builds in fuel inventories, pressuring benchmarks.

Last week, the EIA estimated more builds in gasoline and middle distillate inventories. In gasoline, the authority reported an inventory build of 2.6 million barrels for the seven days to June…