WTI Crude Oil have dropped to nearly 13.5% in 10 trading days, thanks to the Energy Information Administrator’s largest build in U.S. inventories since 1982.
The domestic crude supplies rose by 14.4 million barrels last week, according to the recent U.S. EIA report.
OPEC reached in September a preliminary agreement in order to cut production, probably by 200,000 to 700,000 barrels per day. The main reason was to pump up prices by removing the unwanted barrels from the market. According to the OPEC, the details of the plan will be completed until its official Nov. 30 meeting.