Oil Inches Down On EIA Inventory Figures ...Middle East

Crude oil prices moved lower today after the U.S. Energy Information Administration reported an inventory build of 700,000 barrels for the week to December 23. This compared with a draw of 5.9 million barrels for the previous week, which had pushed prices higher temporarily. At 419 million barrels, U.S. inventories are about 6 percent below the average for this time of the year. A day earlier, the American Petroleum Institute reported an estimated inventory draw of 1.3 million barrels, the second weekly drop in a row. U.S. crude inventories have…

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