The Energy Information Administration reported a 2.4-million-barrel build in crude oil inventories for last week. The report’s out a day after the S&P 500 futures dropped 1 percent on the news that President Trump’s advisor Gary Cohn had handed in his resignation – a move seen widely as fueling further worry about a possible global trade war if the United States approves Trump’s proposal for a 25-percent import tariff on steel and a 10-percent levy on aluminum. Weakened by the resignation news, oil prices slid further after the American Petroleum Institute estimated inventories had risen by 5.66 million barrels last week in yet another weekly reminder about the excessive volatility reigning on oil markets. The EIA had some good news, however. The authority reported that gasoline inventories had declined by 800,000 barrels in the reporting period. That compares with a 2.5-million-barrel build in the previous week. Since the start […]