Crude oil prices moved lower today, after the U.S. Energy Information Administrationreportedan estimated inventory build of 1.2 million barrels
Crude oil prices moved lower today, after the U.S. Energy Information Administration reported an estimated inventory build of 1.2 million barrels for the week to May 31. The change compared with a decline of 4.1 million barrels for the previous week, which failed to move prices higher because it came in the company of fuel inventory builds in both gasoline and middle distillates.
2 million barrels for the week to May 31, with production standing at an average 5.1 million barrels daily. This compared with an inventory build of 2.5 million barrels for the previous week, when middle distillate production averaged 5 million barrels daily. Oil prices, meanwhile, remain depressed, at the lowest level in four months.
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