EIA Inventory Report Fails To Arrest Oil Price Slide

Crude oil prices continued lower after the Energy Information Administration reported yet another weekly inventory draw on crude oil inventories. The report came a day after the American Petroleum Institute estimated inventories had shrunk by almost 4 million barrels in the week to April 28. The EIA estimated inventories had shed 1.3 million barrels in the period, which compares with a draw of 5.1 million barrels for the previous week. Whatever the size of the draw, it was unlikely to move prices, however, as worry about the…