Large Crude Build Pours Cold Water On Oil Price Rally

Crude oil prices ticked lower today after the Energy Information Administration reported a crude oil inventory build of 6.1 million barrels for the week to October 8. At 427 million barrels, inventories are below the five-year average, but even though this has been a fact for a few weeks now, it has not stopped the climb in gasoline prices. Gasoline inventory builds have also failed to put a lid on prices at the pump in the past couple of weeks. For last week, the EIA estimated a 2-million-barrel draw in gasoline stocks. This compared with a combined…