Crude oil prices moved lower today after the Energy Information Administration reported a crude oil inventory build of 800,000 barrels for the first week of December. Besides it, the EIA also reported hefty builds in gasoline and distillate fuel inventories.
The crude oil increase compared with a 4.9-million-barrel inventory draw estimated for the last week of November—the first draw in five weeks. Analysts had been optimistic for the week, expecting a draw of over 3 million barrels but API’s Tuesday report dampened the optimism somewhat, by reporting an unexpected build of more than 1.4 million barrels for the first week of December.
