The price of crude oil was tumbling on Wednesday after the latest data from the EIA showed another increase in crude oil inventories last week.
Near 10:35 a.m. ET, West Texas Intermediate crude oil, the US benchmark, was down over 3% to as low as $36.14 a barrel. Earlier this week WTI fell below $35 a barrel for the first time in seven years.
The latest EIA report showed inventories rose by another 4.8 million barrels last week to 490.7 million barrels.
In its release the EIA noted that, “inventories remain near levels not seen for this time of year in at least the last 80 years.”
On Tuesday, crude oil prices rose about 3% as stocks rallied ahead of Wednesday’s expected announcement of an interest rate increase from the Federal Reserve.