Crude Drifts Lower On EIA Inventory Report

Crude oil prices drifted lower today after the Energy Information Administration reported an oil inventory build of 3.3 million barrels for the week to October 29. This compared with a build of 4.3 million barrels that paused the oil price rally last week. The authority also reported mixed results in gasoline and middle distillates. In gasoline, the EIA estimated an inventory decline of 1.5 million barrels for the seven days to October 29, with production averaging 10.2 million bpd. This compared with a stock draw of 2 million barrels for the previous…