Oil Prices Slip on a Saudi Price Cut and a U.S. Inventory Build

Crude oil prices reversed their trajectory from earlier this week, trending lower today after the American Petroleum Institute reported an estimated inventory rise in both gasoline and middle distillates, and Saudi Arabia cut its oil prices for Asian buyers to an almost four-year low. Brent crude was trading at $64.76 per barrel at the time of writing, with West Texas Intermediate at $62.59 per barrel, both down from Wednesday’s close, after Saudi Arabia lowered its oil prices for July for the second month in a row and the API reported a…