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EIA Inventory Report Pushes Oil Lower

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Crude oil prices ticked lower today after the U.S. Energy Information Administration reported an estimated 8.4-million-barrel build in crude oil stocks for the second week of January. This compared with a substantial build of 19 million barrels estimated for the previous week by the EIA. Despite its size, the build failed to move prices much as hopes for a quick rebound in Chinese oil demand offset any bearish effect the build would have otherwise had on prices. For the second week of the month, the EIA also reported mixed estimates for fuels.…

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