Oil Moves Lower After EIA Confirms Large Crude Build

Crude oil prices inched lower today after the Energy Information Administration reported an estimated inventory build of 7.9 million barrels for the week to June 9. This compared with a modest inventory draw of half a million barrels for the previous week and an estimated build of just over 1 million barrels for the week to June 9 as reported on Tuesday by the American Petroleum Institute. Analyst expectations for the weekly change ranged from a draw of 2.5 million barrels to a build of 2 million barrels. In fuels, inventory changes were also positive…