Oil Rises As Markets Shrug Off Bearish Inventory Report

Oil prices were little changed on Wednesday afternoon despite a massive inventory build reported earlier in the day by the Energy Information Administration. The EIA had reported a crude oil build of 15.189 million barrels for the week, sending U.S. oil inventories to 503.2 million barrels, or 11% above the five-week average for this time of year. It was the second-largest crude inventory build on record, after a 19+ million barrel build earlier this year, in April, according to EIA data. Oil prices often react violently to major crude builds,…