Oil Getting Slammed After Crude Inventories Rise To Highest Level Ever

Oil is extending its losses after a new Department of Energy report released at 10:30 AM ET revealed that crude oil inventories now total 395.3 million barrels – the highest level on record, dating back to 1982.

According to the release, crude oil inventories rose 6.7 million this past week (versus estimates for a 1.1 million barrel increase).

WTI crude oil futures are now down 3.1%, trading near $90.50 a barrel.

The chart below shows today's trading session.