Crude oil prices moved lower today after the U.S. Energy Information Administration reported an inventory increase of 5.9 million barrels for the week to July 7. This compared with a modest inventory draw of 1.5 million barrels for the previous week, which failed to move prices in any meaningful way. In gasoline, the authority estimated an inventory draw and in middle distillates, it reported a sizeable inventory rise. Gasoline stocks declined only marginally in the week to July 7, with production averaging 10.1 million barrels daily.…
