Oil Falls After The EIA Confirms Another Large Crude Build

Crude oil prices fell today after the U.S. Energy Information Administration reported a crude oil inventory build of 7.6 million barrels for the week to February 17. This compared with a weekly build of 16.3 million barrels reported for the previous week, but since the size of the build was the result of data adjustment than an actual accumulation of crude in storage, the market largely shrugged it off. At 479 million barrels, U.S. crude oil inventories are above the five-year average for this time of the year. In gasoline, the EIA estimated an…