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Brent slips to fresh session lows after US inventories unexpectedly build
The latest weekly US oil inventory data from the EIA (Energy Information Agency) was released a short while ago and it showed a surprisingly large build in crude stocks. They were expected to show a draw of around 1.45 million barrels. They actually showed a build of 7.26 million barrels. The impact of that has sent oil prices lower. Earlier Brent crude for July delivery rebounded from a session low at $84.78, to above $85.80 after doubts began to emerge of the prospects of any kind of ceasefire in Gaza. The price was already dropping back ahead of this EIA report and that has now pushed it back underneath $85 once more. In fact Brent is right now setting fresh session lows underneath $84.70
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