Oil Prices Dip as Inventory Build Counters Supply Worry

Crude oil prices dipped today, after the latest oil inventory report from the API showed a build, alleviating concern about the state of global supply. In the prior session, crude oil had managed to recoup some of the losses it suffered on Monday amid the stock market meltdown. The American Petroleum Institute reported an oil inventory build of a modest 180,000 barrels for the week to August 2. Although minor, the build appeared to have surprised traders, as it snapped a five-week streak of inventory declines. In fuels, however, the reported builds…