Crude Inventory Build Forces Oil Prices Lower

Crude oil price fell further after the Energy Information Administration reported an inventory increase of 4.3 million barrels for the week to October 23. This compares with a decline of 1 million barrels for the previous week, which helped prop up prices for a short while before concerns about demand prevailed once again amid surging Covid-19 cases in Europe and the United States. At 492.4 million barrels, crude oil inventories are 9 percent above the five-year average for this time of the year, when demand declines for seasonal reasons, so more…