US crude oil inventories rise for a second week
The latest data from the Energy Information Administration showed that commercial crude inventories rose by 384,000 barrels in the week ending July 3.
This brought the total number of barrels in storage to 466 million, still at the highest level for this time of year in about 80 years.
Last week, stockpiles rose for the first time in nine weeks, by 2.4 million barrels.
Following the data release on Wednesday morning, West Texas Intermediate crude oil slipped into the red, falling more than 1% to around $51.84 per barrel.
Oil prices have fallen sharply this week, as analysts recognized the extent of oversupply in the market, and the turmoil in Greece sparked a broader selloff in commodities. WTI is now near its lowest level in three-months.
Here's the slide in crude right after the inventories data crossed:
Investing.com