Inventories rose 2.28 million barrels last week, EIA data show Saudi minister says nation won’t boost output and flood market Oil traded near the lowest close in almost three weeks in New York after U.S. government data showed crude stockpiles at the highest seasonal level in more than 20 years. Futures were little changed after falling 6.2 percent the previous three sessions. U.S. inventories increased by 2.28 million barrels last week for a second straight gain, according to the Energy Information Administration. The market is saturated with stored crude and Saudi Arabia doesn’t see any need to produce at full capacity, Energy Minister Khalid Al-Falih told Al-Arabiya television as OPEC members prepare to meet this month. Oil rose 7.5 percent in August amid speculation that OPEC talks in Algiers may lead to an agreement to manage the market. A cap on production would be positive , Al-Falih said in […]