Surprise Crude Inventory Build Forces Oil Prices Lower

Crude oil prices moved lower today after the Energy Information Administration reported an inventory build of 3.6 million barrels for the week to July 30. This compared with analyst expectations of a 2.9-million-barrel draw. For the previous week, the EIA had estimated an inventory draw of 4.1 million barrels. The EIA also reported an estimated 5.3-million-barrel draw in gasoline stocks for the week to July 30, which compared with a decline of 2.3 million barrels for the previous week. Gasoline production averaged 10.2 million barrels daily last…