Crude oil futures reversed three consecutive days of gains on Wednesday after the U.S. Department of Energy indicated inventories of the energy commodity are larger than anticipated, according to Bloomberg.
Shortly after the federal government noted on Wednesday that supplies last week grew by 3.86 million barrels, the price of crude oil futures fell by as much as 1.8%. The growth represents more than twice the estimates indicated by a Bloomberg poll of analysts.
Soon before 1:30 p.m. ET on Wednesday, crude oil futures fell 0.73%, an 87-cent slide to $117.91 U.S. per barrel.
Supplies of the energy commodity drove as high as 369 million barrels, representing the highest it has been since week ended May 27 of last year, according to the energy department.
Related Stories
