08AUG2019 - NEWS - Oil Prices Slide On Surprise Crude Build

The Energy Information Administration reported a 2.4-million-barrel build in crude oil inventories for the week to August 2, shattering expectations of another sizeable draw. 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 reported yesterday 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. The EIA’s figures are also unlikely to reverse the drop in oil prices, which started this week with the spike in now chronic trade tensions between the United States and China, with Washington accusing Beijing of manipulating its currency to its advantage, after the yuan dropped on Monday to the lowest against the greenback in more than 10 years