U.S. oil prices slipped on Wednesday, continuing a recent slide after surging U.S. crude output hit another record and domestic inventories rose more than expected.
The U.S. Energy Information Administration reported that domestic crude inventories rose 5.8 million barrels in the latest week, more than double analysts’ expectations.
Crude output hit 11.6 million bpd, a weekly record, though weekly figures can be volatile. Most recent monthly data for August showed overall production at more than 11.3 million bpd.
The Emergency Election Sale is now live! Get 30% to 60% off our most popular products today!