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U.S. crude oil stockpiles rose unexpectedly last week, scaling their highest levels since July 2017 due to weak refinery output, the U.S. EIA said on Wednesday. In the week to May 17, commercial inventories of crude oil increased by 4.7 mil bbls, compared expectations for a draw of 599,000-bbls. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.3 mil bbls to their highest since December 2017 at 49.1 mil bpd.

U.S. Treasury Secretary Steven Mnuchin said on Wednesday that the United States is at least a month from enacting its proposed tariffs of up to 25% on $300 billion in Chinese imports as it studies the impact on American consumers. "There won't be any decision probably for another 30 to 45 days," Mnuchin said in a hearing before the U.S. House of Representatives Financial Services Committee.

The United Arab Emirates said on Wednesday that the participation of several countries in an investigation into last week’s attack on oil tanks off its coast would support the “impartiality and transparency” of the findings. A Norwegian-registered oil products tanker and a UAE fuel bunker barge were among the vessels hit near Fujairah emirate. UAE officials have said that the United States and France, which has a naval base in Abu Dhabi, were participating in the investigation as well as Saudi Arabia and Norway.