Crude oil is getting clobbered after a massive inventory build

Crude oil is tumbling again.

WTI crude prices, the US benchmark, are down by 3.3% at $45.12 per barrel as of 10:35 a.m. ET. Meanwhile, Brent crude prices, the international benchmark, are down by 3.2% at $46.61 per barrel.

Minutes earlier, Energy Information Administration (EIA) reported that US crude oil inventories came in at 14.420 million, significantly above the forecast at 1.1013 million. A higher number than expected suggests weaker demand than expected.

This is the largest weekly build in crude inventories since at least 1984, according to analysts at Bespoke Investment Group.

OilMarkets Insider

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