Oil futures tumbled over three percent Wednesday after the U.S. Energy Information Administration reported crude oil supplies at the highest level on record, with a weekly gain that far exceeded expectations.
Brent crude futures fell below $100 a barrel while WTI oil prices saw the largest one-day percentage slide since November, breaching the 50-day moving average to trade below $90.50 a barrel.
The EIA reported weekly U.S. oil inventories rose by 6.7 million barrels, nearly five times greater than the consensus estimate of Platts survey of analysts of a 1.4 million barrel increase. The growth in crude oil supplies in the EIA report also exceed the 5.2 million barrel build in crude oil inventories reported by the American Petroleum Institute Tuesday afternoon.
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