Oil Prices Fall On Bearish EIA Data

The Energy Information poured cold water on oil bull circles this week when it reported a crude oil inventory increase of 7.9 million barrels for the week to May 22. Fuel inventories posted mixed results, with gasoline down and distillate fuels up. This compares with an inventory draw of 5 million barrels a week earlier and analyst expectations for a draw of 2.5 million barrels. The EIA reported a modest draw in gasoline inventories, at 700,000 barrels, which compared with a build of 2.8 million barrels a week earlier. Gasoline production, the…