Oil Prices Turn Negative as U.S. Inventories, Production Jump

Investing.com – U.S. crude prices turned negative after American crude oil inventories rose more than expected and output also jumped, increasing concerns over global supply.

The EIA data showed that increased by 5.783 million barrels in the week to Nov. 2.

That was compared to forecasts for a stockpile build of just 2.433 million barrels, after a rise of 3.217 million barrels in the previous week.

Furthermore, U.S. crude production jumped to from 11.2 million barrels per day to 11.6 million in the latest week.

The data caused a selloff in crude prices with down 0.71% to $61.77 a barrel by 10:47 AM ET (15:47 GMT), compared to $62.31 prior to the publication.

Meanwhile, London-traded also turned negative, falling 0.29% to $71.92 a barrel, compared to $72.44 ahead of the release.

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