Oil Falls As EIA Reports Large Crude Inventory Build

Crude oil prices fell today after the Energy Information Administration reported a build in crude oil inventories of 4.5 million barrels for the week to July 29. This compared with a draw of an almost identical size for the previous week. U.S. crude oil inventories are at 426.6 million barrels, which is 7 percent below the five-year average for this time of the year. The American Petroleum Institute yesterday reported an unexpected inventory build in crude oil, at over 2 million barrels, while analysts had expected a modest draw of less than 500,000…