Oil Slips On Bearish EIA Inventory Data

Crude oil prices extended their decline today after the Energy Information Administration reported a crude oil inventory build of 1.1 million barrels. This compares with a 6.9-million-barrel draw a week earlier, which strengthened oil’s rally spurred by plans by OPEC to extend its production cuts. The rally received a major boost earlier this week after drone and cruise missile attacks on Saudi oil infrastructure, which took some 5.7 million bpd of production offline. However, this rally didn’t last: as soon as Energy Minister Abdulaziz…