Oil prices slide as EIA confirms crude inventory build

EIA | The Energy Information Administration reported a 1.4-million-barrel increase in crude oil inventories for the week to June 19, with fuel inventories booking mixed results.

This compares with an inventory build of 1.2 million barrels the EIA reported for the previous week, and a 1.75-million-barrel inventory increase reported a day earlier by the American Petroleum Institute.

At 540.7 million barrels, U.S. crude oil inventories are still above the five-year average for this time of the year and demand improvement seems to be going more slowly than hoped, as suggested by the change in fuels.

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