Oil Slides as EIA Reports Crude Inventory Decline, Fuel Builds

Crude oil prices sunk following the Energy Information Administration’s report of an estimated inventory decline of 4.2 million barrels for the week to May 24, as fuel inventories rose. The crude inventory figure compared with a modest increase of 1.8 million barrels for the previous week and American Petroleum Institute estimate for a 6.5-million-barrel inventory draw for the week to May 24 as reported on Wednesday. Gasoline inventories added 2 million barrels during the last week before the start of summer driving season, with production…