Oil Slides On Rising Crude Inventories | OilPrice.com:
Crude oil headed lower today, reversing a rally after the Energy Information Administration reported a build in oil inventories of 3.5 million barrels for the week to January 24.
Analysts had expected a draw of 460,000 bpd, after last week the EIA reported a draw of 400,000 bpd for the seven days to January 17.
At 431.7 million barrels, crude oil inventories in the United States are a little below the five-year average for this time of the year.
The EIA also reported a 1.2-million-barrel build in gasoline inventories as well, versus a build of 1.7 million barrels for the previous week. Gasoline production averaged 9.2 million bpd, down from 9.5 million bpd a week earlier.
Distillate fuel inventories fell by 1.3 million barrels last week. This compared with a 1.2-million-barrel decline a week earlier. Distillate fuel production averaged 5 million bpd in the week to January 24, unchanged from the previous week.
At the time of writing, Brent crude was trading at $58.75 a barrel and West Texas Intermediate was at $53.24 a barrel.
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