US Crude Inventories Surge, Oil Prices Drop.

Crude oil prices fell after the Energy Information Administration reported an estimated inventory build of 7.9 million barrels for the week to June 9, compared to a modest inventory draw of half a million barrels for the previous week. Analyst expectations for the weekly change ranged from a draw of 2.5 million barrels to a build of 2 million barrels. Meanwhile, prices have been on the mend after consumer price inflation fell to 4% in May on an annual basis and by a modest 0.1% on a monthly basis, sparking hope that the worst of the price rises may be over, stimulating higher energy demand.