Oil Ticks Lower on Crude, Gasoline Build

Crude oil prices moved lower today after the U.S. Energy Information Administration reported an inventory increase of 5.5 million barrels for the week to October 18. The inventory change followed an American Petroleum Institute estimate of a build totaling 1.64 million barrels for the reported period. It also compared with a draw of 2.2 million barrels for the previous week, as reported by the EIA last Thursday. In gasoline, the authority estimated an inventory build of 900,000 barrels for the week to October 18, with production averaging 10 million…