Oil Prices Higher Despite Bearish Inventory Data

Crude oil prices rose slightly after the Energy Information Administration reported a crude oil inventory build of 1.4 million barrels for the week to November 15. At 450.4 million barrels, the EIA said, inventories were some 3 percent above seasonal limits. Analysts had expected a build of 1.062 million barrels, after the EIA reported yet another weekly inventory increase for the first week of November, at 2.2 million barrels. With last week’s build, the total increase in U.S. crude oil inventories over the past two months comes in at more…