Oil Moves Down on Crude Inventory Build

Crude oil prices moved lower today after the Energy Information Administration reported an inventory increase of 2.7 million barrels for the week to April 12. This compared with a significant build of 5.8 million barrels for the previous week and an estimated 4-million-barrel build for the week to April 12 as reported by the American Petroleum Institute on Tuesday. At the same time, the EIA reported declines in gasoline and middle distillates, which at the time of writing had not changed the direction of oil prices.…