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Crude Slammed To $44 Handle After Inventory Surges Most In 7 Months

The DOE just reported an 8.028mm barrel inventory build in crude stocks, even larger than the API reported data. This is the highest weekly build since April 3rd and is dramatically higher than expected. Crude prices are pressing on lower, with the new Dec contract now trading with a $44 handle. To make matters worse, US crude production was unchanged.

 

Biggest inventory build in over 6 months...

 

Sparks more selling in crude

 

Charts: Bloomberg