Oil Prices Fall As EIA Reports Crude, Gasoline And Distillate Build | OilPrice.com

Oil Prices Fall As EIA Reports Crude, Gasoline And Distillate Build | OilPrice.com:

Crude oil prices fell lower today after the Energy Information Administration reported a crude oil inventory increase of 1.6 million barrels for the week to November 22. The build in gasoline stockpiles, however, was larger—and distillate fuels booked a rise as well.

Analysts had expected a decline of about 350,000 barrels, after last week the EIA reported an inventory build of 1.4 million barrels. Despite the build, however, prices trended higher that day on renewed optimism about U.S.-Chinese relations.

Crude oil inventories are now 3 percent above the upper limit of the average for this time of the year, the EIA said.

The EIA also reported a sizeable 5.1-million-barrel build in gasoline stockpiles, with production averaging 10.1 million bpd last week. This compares with a 1.8-million-barrel increase in gasoline inventories a week earlier, with production averaging 10.1 million bpd.