The Energy Information Administration (EIA) reported a 2.4-million-barrel build in crude oil inventories for the week to August 2, shattering expectations of another sizeable draw.
Brent crude traded at $57.39 a barrel and West Texas Intermediate changed hands for $52.00 a barrel, yesterday.
Both benchmarks were down from Tuesday’s close by over two per cent.
Analysts had expected a draw of 3.13 million barrels after last week the authority reported a hefty 8.5-million-barrel decline in inventories that sent West Texas Intermediate soaring.
The American Petroleum Institute (API) reported on Wednesday another weekly decline in oil inventories, of 3.4 million barrels, but this time the figure failed to impress. With EIA rejecting it, chances are the slide in oil prices will now accelerate.
