Oil Moves Higher Despite Rising U.S. Crude Inventories

Crude oil prices ticked higher today, even though the U.S. Energy Information Administration reported an estimated inventory build of 3.9 million barrels for the week to September 27, driven by the latest escalation in the Middle East. The inventory change compared with a draw of 4.5 million barrels for the previous week, which also saw declines in fuel inventories. It also compared with the American Petroleum Institute’s estimate, which pegged crude oil inventory change for the final week of September at a negative 1.5 million barrels. This…