Crude Oil Dropped After U.S. Crude Stockpiles Surged To Their Highest Levels

Crude oil trading range for the day is 4324-4496.

Crude oil dropped after U.S. crude stockpiles surged to their highest levels in almost 17 months amid record production.

U.S. crude inventories rose 7 million barrels to 456.6 million barrels in the last week, their highest since November 2017.

U.S. crude oil production remained at a record 12.2 mbpd, making the United States the world’s biggest oil producer ahead of Russia and Saudi Arabia.

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