Oil Prices Fall After the EIA Reports an Inventory Build

Oil prices moved lower today, after the U.S. Energy Information Administration reported an inventory build, countering API’s weekly estimate for oil stocks. The EIA saw oil inventories add 1.4 million barrels in the week to August 9, which compared with a decline of 3.7 million barrels for the previous week. The API, a day earlier, estimated a 5.2-million-barrel decline in crude oil inventories for the week to August 9. In fuels, the EIA estimated negative inventory changes for the reporting period. Gasoline stocks fell by 2.9 million barrels…