Oil Ticks Lower on EIA Inventory Report

Crude oil prices moved lower today after the Energy Information Administration reported an estimated inventory build of 5.8 million barrels for the week to April 5. The authority also reported builds in fuel inventories. This compared with a build of 3.2 million barrels for the previous week, which also saw substantial drawdowns in gasoline and middle distillate inventories. A day before the EIA report, the American Petroleum Institute estimated a build of over 3 million barrels in crude oil stocks, along with a moderate…