Oil prices rose about 2% today despite a rise in crude inventories. Middle east tensions continue to capture headlines but gains are capped by gloomy economic prospects both here and abroad. US crude inventories rose by 1.4MM/bbls, exceeding the forecasted rise of 240K/bbls. The EIA data “is more bearish because it’s a big switch from a big draw in the API data to a build in the EIA data,” said Bob Yawger, director of energy futures at Mizuho. Industry data from the American Petroleum Institute (API) on Tuesday had showed a larger-than-expected draw in crude stocks. WTI traded up $1.65 or 1.97% to close at $85.39. Brent traded up $2.06 or 2.34% to close at $90.13.