Oil Inches Higher After EIA Reports Large Crude Inventory Build

Crude oil prices inched down before the EIA reported its crude inventory report today, but saw a small jump after the release, when the agency reported that crude oil inventories had added 5.5 million barrels in the week to August 5. A week earlier, inventories added 4.5 million barrels, according to the EIA, which added to downward pressure on prices. In fuels, the picture was mixed. Gasoline inventories fell by 5 million barrels in the week to August 5, compared with a modest increase of 200,000 barrels for the previous week. Gasoline production…