WTI Crude Slides As Inflation Fears Spook Traders

The API inventory report on Tuesday showed a crude oil inventory decrease that sent prices upward. But WTI fell on Wednesday after the EIA reported the opposite on Wednesday—a crude oil inventory increase. The price dip, triggered by data supplied by the government-run Energy Information Administration, a strong dollar that makes U.S. oil costlier for other nations, and inflation fears, will at least partially alleviate some pressure on the Biden Administration, who on Wednesday said that oil prices were a top issue. Traders ditched the risky…