Crude prices trim gains after U.S. inventory buildup

Crude prices pared their profits today after the EIA report showed a rise in U.S. crude stocks for the seventh week in a row, contradicting the American Petroleum Institute's report, which showed a drawdown last week.
 
U.S. crude futures last traded at $54.29 a barrel, up from the opening of $53.86, with a session-high at $54.90, and a low at $53.86.
 
The Energy Information Administration released its report on U.S. crude stocks, showing a buildup of 0.6 million barrels in the week ending February 17, adding to the previous reading's 9.5M buildup, while analysts expected a 3.4M rise.

Crude's gains today came on the back of the API report that showed a drawdown in U.S. crude inventories, but the Energy Information Administration's official report showed another buildup.
 
As a result, prices trimmed their gains as concerns return bout U.s. production oversupply that hurt prices.