Oil Moves Down on Inventory Rise

Crude oil prices inched lower today after the Energy Information Administration reported an inventory build of 3.2 million barrels for the week to March 22. This compared with a draw of 2 million barrels for the previous week, when the EIA also estimated a sizeable draw in gasoline inventories, which helped support prices. This week, the API inventory report that came out on Tuesday pushed prices lower as it estimated an inventory build in crude oil of over 9.3 million barrels for the week to March 22. For the week…