Oil Slides on Large Builds in Fuel Inventories

Crude oil prices moved lower today after the U.S. Energy Information Administration estimated a relatively moderate inventory build in crude all and also reported sizeable increases in fuels for the first week of 2024. In crude, the EIA reported an increase of 1.3 million barrels. At 432.4 million barrels, inventories are about 2% below the five-year average for this time of the year. The weekly change compared with a decline of 5.5 million barrels for the last week of 2023. A day before the EIA report was released, the American…