Oil prices plummeted, continuing to fall as US crude oil climbed to another record high and the country's stocks rose more than expected.
"US crude inventories rose 5.8 million barrels last week, more than double analysts' expectations," the Energy Information Administration said.
Crude production reached 11.6 million bpd, a weekly record, but weekly data could be volatile.August's data, the latest monthly figures, showed total production reaching more than 11.3 million bpd.
US crude futures fell 54 cents to settle at $ 61.67 a barrel, about 20 percent below the $ 76.41 peak it struck in early October.
Global Brent crude fell 6 cents to settle at $ 72.07 a barrel, recovering from a session low after the release of data from the Energy Information Administration, backed by previous reports that Russia and Saudi Arabia are considering cutting crude output next year.
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"US crude inventories rose 5.8 million barrels last week, more than double analysts' expectations," the Energy Information Administration said.
Crude production reached 11.6 million bpd, a weekly record, but weekly data could be volatile.August's data, the latest monthly figures, showed total production reaching more than 11.3 million bpd.
US crude futures fell 54 cents to settle at $ 61.67 a barrel, about 20 percent below the $ 76.41 peak it struck in early October.
Global Brent crude fell 6 cents to settle at $ 72.07 a barrel, recovering from a session low after the release of data from the Energy Information Administration, backed by previous reports that Russia and Saudi Arabia are considering cutting crude output next year.
SOURCE