Oil Falls Despite Large Draws In Fuel Inventories

Crude oil prices moved lower today after the U.S. Energy Information Administration reported an inventory build of 1.6 million barrels for the week to March 10. This compared with an inventory decline of 1.7 million barrels estimated for the previous week and the first decline in crude oil inventories since the start of the year. At 480.1 million barrels, crude oil inventories are 7 percent above the five-year seasonal average, the EIA said. In gasoline, the EIA estimated an inventory draw of 2.1 million barrels for the week to March 10, with production…