The U.S’ West Texas Intermediate crude for December contracts plummeted to five-week lows on Wednesday after official data showed that U.S. crude stockpiles, on a weekly basis, jumped by the most on record.
December WTI crude dropped to as low as $44.95 per barrel on the New York Mercantile Exchange following report from the U.S. Energy Information Administration that showed an increase of 14.4 million barrels in domestic crude supplies in the week ended Oct. 28. The EIA also reported total domestic crude production rose by 18,000 bpd to 8.522 million bpd.
Wednesday data beat both estimates by analysts which expected a 1.9 million-barrel climb, and reading by the American Petroleum Institute on Tuesday that forecast a rise of 9.3 million barrels.
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