Oil prices were lower today after a much higher than expected build in US crude inventories but forecasts of higher demand helped support prices. “Crude prices are under pressure as the dollar rallies following impressive economic data that paves the way for more Fed tightening,” said Edward Moya, senior market analyst at data and analytics firm OANDA. Crude stockpiles jumped by 16.3MM/bbls last week to 471.4MM/bbls, the highest level since June 2021. Retuers was only forecasting a 1.2MM/bbl increase. The IEA raised its forecast for 2023 oil demand growth and said there could be a supply deficit in the second half due to restrained production from OPEC+. WTI traded down $.47 or -.6% to close at $78.59. Brent traded down $.20 or .2% to close at $85.38.