Oil Falls Back On Large Fuel Build

A day after the American Petroleum Institute surprised market yet again with a crude oil inventory draw, pushing prices up, the Energy Information Administration also reported an inventory decline, at 2.1 million barrels for the week to May 29. At 532.3 million barrels, the authority said, crude oil inventories were 12 percent above the five-year average for this time of the year. Analysts had expected an inventory build of 3.3 million barrels, after last week the EIA reported a substantial inventory increase, at 7.9 million barrels, for the third…