Bearish Inventory Report Sends Oil Prices Lower

Crude oil prices fell further today after the Energy Information Administration reported an inventory build of 3.1 million barrels for the week to September 27. Analysts had expected a relatively modest build, of 1.57 million barrels, after a week earlier the EIA reported a build of 2.4 million barrels. The agency’s latest report extends two weeks of consecutive inventory builds. The EIA also reported a 200,000-barrel decline in gasoline inventories for the week to September 27, which compares with a 500,000-barrel rise in the previous week.…