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EIA Reports Further Inventories Build

Crude oil prices have remained under pressure this week in response to the latest data from the Energy Information Administration.

The data showed a further rise in US crude stores. The report covering the week ending March 6th showed that US crude stores jumped by 7.7 million barrels.

This latest inventory increase came above the expected 2.3 million barrel increase and casts further concern over the global oil demand environment.

However, the report was not totally bearish. The EIA reported a 5 million barrel drop in gasoline inventories, outstripping expectations of a 2.5 million barrel drop. Distillate stockpiles were also lower by 6.4 million barrels, versus an expected drop of 1.9 million barrels.

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EIA Slashes Demand Outlook

Along with the latest build in US crude stores, the EIA has also slashed its global oil demand projections.

The administration now forecasts glob...

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