Oil prices were up earlier in the session but traded down after a surprise build in crude inventories. Crude inventories rose by 10.2MM/bbls last week much higher than analysts’ expectations of a500K/bbl build. Lower refining utilization rates and higher net imports added to the crude build, said Bob Yawger, director of energy futures at Mizuho. “That was ultimately a very bearish EIA report,” Yawger said. “The assumption is you’re going to get storage builds here because refineries have been shut down (during maintenance season).” U.S. crude output also hit a record 13.2 million barrels per day in the week. Russian Deputy Prime Minister Alexander Novak reassured markets, saying the current oil price factored in the Middle East conflict and showed that the risk from it was not high. Novak also said on Thursday that Russia will further ease its fuel exports ban if necessary. Last week, it lifted restrictions on pipeline diesel supplies. WTI traded down $.58 to close at $82.91. Brent traded up $.18 to close at $86.00.