Oil Prices Move Higher On Small Crude Inventory Build

Crude oil prices rose today after the U.S. Energy Information Administration reported a modest inventory build of 500,000 barrels for the week to January 14. This compared with a draw of 4.6 million barrels for the previous week. A day earlier, the American Petroleum Institute had estimated a draw in crude oil inventories of 1.4 million barrels. In gasoline, the EIA reported yet another inventory build, after another two weeks of hefty increases. In the week to January 14, gasoline stocks added 5.9 million barrels. This compared with a combined…