Crude oil is sliding

Crude oil is sliding.

On Wednesday morning, West Texas Intermediate crude fell more than 2% to as low as $US58.16 per barrel.

At 10:30 a.m., the Energy Information Administration (EIA) will release the latest data on US commercial crude inventories. According to the Wall Street Journal, analysts expect that stockpiles fell for a ninth straight week, the longest streak ever.

On Tuesday, 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:

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