Crude oil traded lower today after the Energy Information Administration reported a substantial build in crude oil inventories, at 9.9 million barrels for the last week of April. The report followed a surprising build estimate from the American Petroleum Institute, of 6.8 million barrels, which pushed prices lower yesterday. The EIA inventory build follows an increase of 5.5 million barrels for the third week of April. Last week, the EIA report helped prevent a spike in prices after the U.S. State Department announced it would not be renewing Iran…
