Oil Moves Lower on Surprise Inventory Build

Crude oil prices ticked down today, after the U.S. Energy Information Administration reported an inventory build of 3.6 million barrels for the week to June 21. This compared with a draw of 2.5 million barrels that pushed prices higher last week, as it was accompanied by inventory declines in gasoline and middle distillates as well, suggesting strengthening demand. Meanwhile, the American Petroleum Institute yesterday estimated an oil inventory build of less than 1 million barrels for the week to June 21, which despite its size…