Inventories neared their 20-year height, according to a report released by the U.S. Energy Department. Stockpiles of the energy commodity climbed 1.31 million barrels to amount to 361.3 million while production pushed to its top level since 1993. The U.S., as the globe's largest consumer of oil, is set to pump on average 7.92 million barrels of oil per day in 2014.
"There's a significant supply overhang in the market," managing director Adam Wise with Manulife Asset Management in Boston told the news source on Wednesday. "Domestic production continues to grow. The DOE said yesterday they expect production to rise 23 percent in two years, which will bring output to 1980s levels."
At 1:32 p.m. on Wednesday, WTI crude oil futures fell 0.24 percent, a 22-cent slip to $92.93 per barrel. Brent crude oil futures dropped 0.28 percent, a 31-cent loss to $111.63 per barrel.
The Associated Press reports gains to inventories are 8 percent higher than levels as compared to one year prior.
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