Oil prices fell heavily after EIA - ANZ

Analysts at ANZ explained that crude oil prices fell heavily after EIA data showed a strong build in inventories in the US. 

Key Quotes:

"Supplies climbed 8.21 million barrels to 528.4 million barrels.

This followed on from comments from Saudi Arabia’s Energy Minister, who said global crude oil stockpiles are draining slower than expected.

US crude oil production was also higher, hitting 9.09mb/d. When combined with the huge speculative long positions in the market, it’s not surprising that prices sold off so strongly. However, there is increasing talk of extending the OPEC production cut agreement. Iraq and Oman have already voiced their support for an extension."