Oil Slides On Rising Crude Inventories

Crude oil headed lower today, reversing a rally after the Energy Information Administration reported a build in oil inventories of 3.5 million barrels for the week to January 24. Analysts had expected a draw of 460,000 bpd, after last week the EIA reported a draw of 400,000 bpd for the seven days to January 17. At 431.7 million barrels, crude oil inventories in the United States are a little below the five-year average for this time of the year. The EIA also reported a 1.2-million-barrel build in gasoline inventories as well, versus a build of…