Oil prices were lower today after starting off the session strong on a surprise inventory build. A lack of big price moves in recent weeks has cut Brent’s historic or actual 30-day close-to-close futures volatility to its lowest since July 2021. Crude inventories were up by 4MM/bbls last week vs a forecasted drop of 1.9MM/bbls. “U.S. crude inventories have yielded a solid build despite refining activity increasing and Cushing, Oklahoma, inventories dropping to their lowest level this year, due to much higher net imports,” said Matt Smith, lead oil analyst for the Americas at Kpler. WTI traded down $.32 to close $88.52. Brent traded down $.18 to close at $91.88.