Crude oil is sliding

Crude oil is sliding.

Near 12:30 p.m. West Texas Intermediate crude oil was down more than 1% at around $US59.25 per barrel, almost $US2 below where it was before this morning’s crude inventory report.

That report from the Energy Information Administration showed that US oil commercial crude inventories fell by 2.7 million barrels in the week ended June 12. That brought the total number of barrels to 497.9 million, still at the highest levels in 80 years.

US oil production output slowed to 9.59 million barrels from 9.61 million in the prior week. The EIA had forecast that production will continue to fall until early next year.

Brent crude, the international benchmark, fell to around $US63.24, also down about 1%.

Here’s a chart showing the slide in WTI:

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