WTI Sinks Below $80 On Rising Crude Inventories

Despite the energy crisis in Europe and Asia, and the alleged gas to oil switching as a result, rising crude oil stocks in the United States have just tanked WTI prices to a 4-week low. WTI prices briefly slipped below $80 per barrel, landing at $80.15 (-4.48%) at 4:42 p.m. EDT. WTI started to drift lower shortly after the Energy Information Administration’s (EIA) Weekly Petroleum Status Report (WPSR) was published at 10:30 a.m. EDT. According to the EIA, crude oil inventories grew by 3.3 million barrels for week ending October 29. The report…