Inventory Build Sends Oil Prices Lower

As crude oil entered its third day of price declines in a row, the Energy Information Administration added to already existing pressure by reporting a build in crude oil inventories of 2.9 million barrels for the week to October 4. That comes after three weeks of inventory increases, with the latest, for the last week of September, at 3.1 million barrels. The authority also reported gasoline inventories had shed 1.2 million barrels last week, versus a 200,000-barrel draw in these a week earlier. In distillate fuels, the EIA reported a decline of…