EIA Confirms Inventory Builds Across the Board

Crude oil prices were under pressure this morning after the U.S. Energy Information Administration reported an inventory build of 2.1 million barrels for the week to November 1. This compared with a modest inventory draw of half a million barrels for the previous week and a crude oil inventory build for the week to November 1 as estimated by the American Petroleum Institute on Tuesday.

At the time of writing, Brent crude was trading at $75.07 a barrel, and WTI was trading at $71.70 a barrel, both down from opening, as Republican candidate Donald…