Oil futures fell sharply Wednesday after data from the US Energy Information Administration showed a larger-than-expected build in crude stocks and a surprise increase in gasoline inventories. A stronger dollar kept a lid on prices early Wednesday, carrying over from Tuesday, when testimony from Federal Reserve Chairman Jerome Powell was seen as hawkish on monetary policy. The market reaction to the release of the EIA data set the tone for the rest of the session as the complex slid immediately. Crude stocks rose 3.019 million barrels to 423.498 million barrels in the week that ended February 23, according to EIA data. Analysts that S&P Global Platts surveyed Monday were looking for a 2.1 million barrel build in crude stocks. NYMEX April crude settled $1.37 lower at $61.64/b. ICE April Brent expired 85 cents lower at $65.78/b. The May contract fell $1.79 to settle at $64.73/b. US crude production rose […]