Oil Under Pressure As EIA Confirms Rising Crude, Fuel Inventories

Crude oil prices moved lower today, after the U.S. Energy Information Administration reported an estimated inventory build of 1.2 million barrels for the week to May 31. The change compared with a decline of 4.1 million barrels for the previous week, which failed to move prices higher because it came in the company of fuel inventory builds in both gasoline and middle distillates. The EIA estimate follows the American Petroleum Institute’s reporting a crude oil inventory build along with builds in fuels. The inventory change…