Oil Slides as EIA Confirms Large Crude Inventory Build

Crude oil prices moved lower today after the U.S. Energy Information Administration reported an inventory increase of 5.8 million barrels for the week to October 4. The change in inventory levels compared with a build of 3.9 million barrels for the previous week. It also follows an estimated inventory increase of a sizable 10.9 million barrels, as reported by the American Petroleum Institute on Tuesday. The build estimate pressured oil prices which were already wobbly after traders’ expectations of further Chinese stimulus got betrayed by…