Oil prices traded down further today to its lowest level in 3 months. The EIA report will be delayed until the 15th but according the API crude stocks had a huge build. The EIA said production will rise this year by slightly less than expected but petroleum consumption will fall by 300K/bpd. “The market is clearly less concerned about the potential for Middle Eastern supply disruptions and is instead focused on an easing in the balance,” ING analysts Warren Patterson and Ewa Manthey said in a note to clients, referring to crude supply conditions. WTI traded down $2.04 or -2.6% to close at $75.33. Brent traded down $2.07 or -2.5% to close at $79.54.