Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
License information was derived automatically
WTI crude futures dropped more than 3% to below $77 per barrel on Wednesday, as data showing a greater-than-expected inventory build added to concerns about weakening demand in the US. The EIA weekly report showed that crude oil stocks in the US rose by 4.14 million barrels in the week ended January 27th, much more than market expectations of a 0.376-million-barrel increase. At the same time, signs of robust Russian exports and mounting fears of a global economic slowdown have limited the change of any significant upside move. Russia's December oil and gas condensate output edged up to 10.92 million bpd from 10.90 million bpd in November, according to Reuters calculations and data published by the Rosstat statistics office. Meanwhile, the OPEC+ Joint Ministerial Monitoring Committee recommended keeping crude production steady, in line with market expectations, citing uncertainty about the impact of China's economic reopening and the latest sanctions on Russian supply. Historically, Crude oil reached an all time high of 147.27 in July of 2008.