EIA Reports Crude, Product Builds All Around

Crude oil inventories in the United States saw an increase of 1.3 million barrels during the week ending May 16, according to new data from the U.S. Energy Information Administration released on Wednesday. Crude oil prices were trading up prior to the crude data release by the U.S. Energy Information Administration. On Tuesday, the American Petroleum Institute (API) reported a build in US crude oil inventories of 2.499 million barrels in U.S. crude oil inventories with draws in gasoline and distillate stocks. At 10:14 am in New York, the Brent…