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 sanction waivers for importers of Iranian oil after they expire today. Since then, prices have continued relatively stable, especially after Saudi Arabia said on more than one occasion that it was ready and willing to step in and replace the lost Iranian barrels. However, this week has seen an escalation in Venezuela that may serve as a booster to prices […]