The EIA announced yesterday that U.S. crude inventories rose for the tenth week in a row last week.
The steady build in U.S. crude stocks is partly due to seasonal refining maintenance, but domestic production has also surged to a record 11.7 million barrels a day.
U.S. stockpiles sit at 450 million barrels – the highest level in a year.
OPEC plus Russia and other allies meet on December 6th and producers are discussing a supply curb of 1-1.4 million barrels per day may be needed to balance the market after a run-up in production occurred in anticipation of Iran sanctions.
WTI closed yesterday at $50.25 per barrel.