Oil Moves Lower as EIA Confirms Small Crude, Gasoline Build

Crude oil prices went down today after the Energy Information Administration reported an estimated inventory build of 800,000 barrels for the week to September 6. This compared with a draw of 6.9 million barrels for the previous week, which however failed to move prices in a positive direction as it got drowned by pessimism about demand. On Tuesday, the American Petroleum Institute estimated oil inventories had shed 2.79 million barrels in the week to September 6. In fuels, the EIA also estimated inventory builds for the week. In gasoline, the…