Surprise Draw In Fuel Inventories Boosts Oil Prices

Oil prices recovered a bit on Wednesday morning after the Energy Information Administration reported an inventory build of 1.2 million barrels for the week to June 12. Fuel inventories, however, fell. This compared with a 5.7-million-barrel build for the week before that. Analysts had expected the EIA to report a modest build of half a million barrels for the week to June 12. A day earlier, the American Petroleum Institute reported an inventory increase of 3.86 million barrels. Oil prices have been on the decline over the past couple of days, swung…