Oil Prices Drop On Unexpected Crude Inventory Build ...Middle East

Crude oil prices fell further today after the U.S. Energy Information Administration estimated oil inventories had added 1.3 million barrels during the week to April 29. At 415.7 barrels, the EIA said, inventories were 15 percent below the five-year average for this time of the year. Last week’s build compared with a modest build of 700,000 bpd reported for the previous week. In fuels, the EIA estimated inventory declines across the board. Gasoline inventories fell by 2.2 million barrels last week, according to the authority. This compared…

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