Surprise Crude Build Sends Oil Prices Soaring

Crude oil prices rose after the Energy Information Administration reported a surprise inventory build of 4.5 million barrels for the week to May 26, with crude oil inventories in the US around 2% below the five-year average. The EIA also reported a 200,000-barrel inventory draw in gasoline and an inventory build of 1 million barrels in middle distillates. Brent crude traded at $73.11 per barrel, with West Texas Intermediate at $68.86 per barrel. Economists polled by Reuters suggested that prices will not top $100 this year, remaining below $90 per barrel for the remainder of the year.