WTI Crude Futures Nose-Dive Following an Unexpected Sharp Rise in U.S. Inventories

U.S. crude oil futures prices dropped steeply in U.S. trading session on Wednesday following a weekly report that showed a large rise in U.S. inventories of the commodity.

U.S. West Texas Intermediate for July delivery plunged by more than 4 percent to trade around $45.90 per barrel on the New York Mercantile Exchange after data from the U.S. Energy Information Administration indicated that domestic crude supplies soared 3.3 million barrels last week.

The unexpected rise in U.S. crude oil stockpiles in the week ended June 2nd marked the first advance in the last nine weeks and contrasted with analysts’ forecast calling for a drop of 3.1 million barrels. The sharp rise raised concerns over U.S. domestic crude production that may surge to a record level next year, contributing to losses for oil.

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