Crude oil is getting smoked

Crude oil is getting smoked.

On Wednesday, West Texas Intermediate crude fell more than 4% to as low as $56.99 per barrel. That's the weakest level since April 27.

Earlier, the Energy Information Administration (EIA) released data on US commercial crude inventories, which showed an increase in stockpiles for the first time in nine weeks.

And yesterday, the EIA reported that US crude oil output rose to 9.7 million barrels, the highest level since 1971 according to the Journal.

Separate inventories data from the American Petroleum Institute released Tuesday afternoon showed that stockpiles increased by 1.9 million barrels.

Here's a chart showing the slide in WTI on Wednesday:

fut_chart (1)

(Finviz)

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