Oil is extending its losses after a new Department of Energy report released at 10:30 AM ET revealed that crude oil inventories are now at their highest level on record, dating back to 1982.
According to the release, crude oil inventories rose 6.7 million this past week (versus estimates for a 1.1 million barrel increase).
WTI crude oil futures are now down 3.1%, trading near $90.50 a barrel.
The chart below shows today’s trading session.
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