Oil prices are slipping after inventories fall

The data is out, and the price of oil is dropping.
US crude inventories fell by 1.7 million barrels from last week, according to the US Energy Information Administration. The price of futures contracts for West Texas Intermediate fell on the news by about 6.35%. Brent Oil Futures are down 3.0%.
Oil inventories are still on the high end of the typical range for this time in the year, according to the EIA release. The high supply has kept oil prices low, with the commodity slipping nearly 4% so fa