Oil Holds Gains Despite Crude Inventory Build

Crude oil prices moved down today after the Energy Information Administration reported a crude oil inventory increase of 2.6 million barrels for the week ending October 21. This compared with a draw of 1.7 million barrels for the previous week, accompanied by moderate moves in fuel inventories. Last week, the EIA reported a draw of 1.5 million barrels in gasoline inventories and a moderate increase of 200,000 barrels in middle distillate inventories. This compared with a gasoline inventory draw of 100,000 barrels for the previous week and the same-size…