The U.S. Energy Department said supplies of crude oil gained 3.65 million barrels to amount to 379.5 million barrels, representing the highest amount since August 1990. Results of Greek elections this past weekend threaten to unravel the Aegean nation's second tranche of bailout aid since June 2010 as the shared currency of the European Union also is feeling the pinch of turmoil prompted by the sovereign debt crisis.
"We're facing price pressure on the supply side and the demand side," chief executive officer David McAlvany with McAlvany Financial Group in Colorado told Bloomberg. "We continue to see big increases in crude supply. There's palpable fear in Europe, and it's not limited to Greece."
At 12:37 p.m. on Wednesday, crude oil futures dropped 0.43 percent, a 49 cent loss to $112.24 per barrel.
The Associated Press reports U.S. inventories of crude oil presently are 2.5 percent higher than stockpiles from one year ago, according to the U.S. Energy Department.