Crude Oil Price Dips to 27-Day Lows on Large Buildup of Crude Oil Inventories

Crude oil prices slid to 27-day lows on Wednesday on a larger-than-expected build up of crude oil inventories. The press release by the Energy Information Administration (EIA) said 8.2 million barrels per day were imported into the U.S. last week.

Excluding data in the Strategic Petroleum Reserve, U.S. commercial crude oil inventories jumped to 8.2 million barrels last week, according to today’s report.

The EIA said:
"At 528.4 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year."
Following the release, crude oil futures dropped 1.37%, hitting a 27-day low of $52.11 by 11:30 a.m. EST:

Barrels photo by Sergio Russo