Oil prices are falling fast after data released by the Energy Information Administration showed an unexpected inventory build.
“U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.3 million barrels from the previous week,” the weekly report said. Investors expected a reduction of 3.137 million barrels, according to data from Bloomberg.
Markets are responding by sending oil prices into a tailspin. The price of West Texas Intermediate is down more than 4% Wednesday, and Brent is down more than 3.5%.