Oil Falls After EIA Confirms Massive Crude Inventory Build

Crude oil prices fell today after the U.S. Energy Information Administration reported an inventory build of 16.3 million barrels for the week to February 10. This compared with a build of 2.4 million barrels for the previous week, extending a string of weekly builds, some of them quite sizeable, which have pushed inventories above the five-year seasonal average. In gasoline, the energy information authority estimated an inventory increase of 2.3 million barrels for the week to February 10. It compared with a build of 5 million barrels for the previous…