The Price of Crude Slides as Oil Inventories Climb Higher

The Energy Information Administration reports Wednesday that crude oil inventories increased last week by 1.4 million barrels. Consensus among economists forecast a draw in stocks. Jeff Grossman, president of BRG Brokerage, tells TheStreet's Joe Deaux that the inventories were not constructive enough to push oil prices higher. Grossman notes that summer demand waned in 2014 compared to other years. Elevated tensions in Iraq amid the growing influence of the militant group ISIS hasn't done enough to offset the weak summer driving demand. Gasoline inventories drew by 1.2 million barrels.