Oil is extending its losses after a new Department of Energy report released at 10:30 AM ET revealed that crude oil inventories now total 395.3 million barrels – the 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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