Oil Jumps Despite Major Crude Inventory Build

Crude oil prices moved lower today after the Energy Information Administration reported a crude oil inventory build of 9.9 million barrels for the week to October 7, but the move lower didn't last long. At 439.1 million barrels, U.S. crude oil inventories are 1 percent below the five-year average for this time of the year. A week earlier, inventories recorded a draw of 1.4 million barrels. In fuels, the EIA reported mixed changes. Gasoline stocks added 2 million barrels last week, which compared with a 4.7-million-barrel decline for the previous…