Oil Prices Slip On Huge Crude Inventory Build

Crude oil prices moved lower today after the U.S. Energy Information Administration reported that crude oil inventories had added 9.4 million barrels in the week to April 8. At 421.8 million barrels, oil inventories are about 13 percent below the five-year average for this time of the year. Last week’s build compared with an inventory build of 2.4 million barrels for the previous week. It also compares with an estimated inventory increase of as much as 7.757 million barrels for last week, as reported by the American Petroleum Institute. The…