Oil Prices Hold Steady Despite Rising Fuel Stocks

Crude oil prices hesitated today after the Energy Information Administration reported an oil inventory draw of 700,000 barrels for the week to November 27 but a sizeable build in gasoline inventories. At 488 million barrels, crude oil inventories are still above the five-year average for the season, by about 7 percent. A day before the EIA released its latest weekly inventory numbers, the American petroleum Institute caused an oil price rally arrest by reporting an inventory build of over 4 million barrels for last week. This added to pressure…