Surprise Crude Build Forces Oil Prices Lower

The slide in crude oil prices accelerated after the Energy Information Administration reported a crude oil inventory build of 2 million barrels for the week to August 4. A day earlier, the American Petroleum Institute added gloom to an already pessimistic market by reporting an inventory build of 2.97 million barrels for the same period. Analysts had expected the EIA to report a moderate draw of a little over 1 million barrels. A week earlier, the EIA reported a draw of 9.4 million barrels in crude oil, along with a solid decline in gasoline stocks…