Large Unexpected Crude Build Sinks Oil Prices

Crude oil inventories in the United States saw a colossal build of 8.7 million barrels during the week ending January 31, according to the U.S. Energy Information Administration. Crude oil prices were trending lower today prior to the release of the U.S. Energy Information Administration, with both the WTI and Brent benchmarks trading down more than one percent. Today’s build in crude inventories is in line with seasonal trends—if not larger--and compares with a large build of 3.5 million barrels in the week prior. For total motor gasoline,…