Crude oil prices moved higher today, after the U.S. Energy Information Administration reported an inventory dip of 2 million barrels for the second week of the year.
The change estimated by the EIA compared with a modest draw of around 1 million barrels for the previous week, which also saw sizable builds in fuel inventories that dragged oil prices lower. For the week to January 10, the EIA estimated an inventory build of 5.9 million in gasoline, with production averaging 9.3 million barrels daily. This compared with a build of as much as 6.3 million barrels for the previous week, when production averaged 8.9 million barrels daily.
Even with the recent series of builds in fuels, however, both gasoline and middle distillate stocks remained below the five-year average for this time of the year, the EIA noted in consecutive weekly reports. Oil prices, meanwhile, took a dip earlier in the week after the EIA released the latest edition of its Short-Term Energy Outlook saying global supply would exceed demand both this year and next.
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