Crude oil prices moved lower today after the Energy Information Administration reported a crude oil inventory build of 2 million barrels for the week to June 3. This compared with a draw of 1.5 million barrels for the previous week, leaving inventories at 416.8 million barrels, which was some 15 percent below the five-year average for this time of the year. As a growing number of analysts revise their oil price forecasts upwards, the EIA also reported mixed inventory data for fuels. In gasoline, the EIA estimated an inventory decline of 800,000 million barrels for the week to June 3, which compared with a draw of 700,000 barrels for the previous week. Gasoline production averaged 10 million bpd last week, which was slightly higher than the average for the previous week. Goldman Sachs recently said both crude oil and gasoline prices would need to rise a lot further to […]