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Oil prices tumble after record U.S. crude inventory build

Xinhua, November 3, 2016 Adjust font size:

Oil prices suffered big losses Wednesday after official data showed a record weekly gain in U.S. crude stockpiles.

The Energy Information Administration (EIA) said in its weekly report Wednesday that U.S. crude inventories surged by 14.4 million barrels for the week ended Oct. 28, well above analysts' expectations of a 1-million-barrels build. It was the biggest ever rise in U.S. crude stocks in a week.

The EIA report also showed that total domestic crude production increased by 18,000 barrels a day to 8.522 million barrels a day.

Meanwhile, rising production from members of the Organization of the Petroleum Exporting Countries (OPEC) also weighed on prices.

OPEC output likely reached another record high in October at 33.82 million barrels per day from a revised 33.69 million barrels per day in September, according to a Reuters survey on Monday.

The West Texas Intermediate for December delivery dropped 1.33 U.S. dollars to settle at 45.34 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 1.28 dollars to close at 46.86 dollars a barrel on the London ICE Futures Exchange. Enditem