Oil Prices Slide As API Data Suggest An Inventory Build
- Crude oil for December delivery closed down $0.56, or 1.1 percent, to $49.96/barrel
- API data shows crude oil inventory rose 4.8 million barrels last week.
- This compares to API data the previous week showing a 3.8 million barrel draw.
- Oil ETFs down after-hours; United States Oil Fund LP (ETF) (NYSE: USO) down about 1 percent to $11.13, United States Brent Oil Fund LP (NYSE: BNO) down 0.2 percent to $14.74.
- Inverse oil ETF VelocityShares 3x Inverse Crude Oil ETN (NYSE: DWTI) was up about 2.9 percent to $62.10 but traded slightly in the red at last check.
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