Oil Dips After EIA Reports Crude Inventory Build

Crude oil prices began to slide after the Energy Information Administration reported a crude oil inventory build of 2.1 million barrels for the week to July 16. Last week’s inventory build compared with a draw of 7.9 million barrels for the previous week and an estimated—and shocking—increase in crude inventories of 806,000 barrels, as reported by the American Petroleum Institute on Tuesday. At the time of writing, Brent crude was trading at $ 71.53 a barrel and West Texas Intermediate was trading at $69.51…