Crude inventories rose 6.8 million barrels, compared with analyst expectations for a 849,000-barrel drawdown, to their highest since July 2017 and about 6% above the five year average for this time of year. WTI ended $1.80, or 3.4%, lower at $51.68 a barrel.
The inventory builds were said to be caused by US crude imports rising last week by 1.1 million barrels per day (bpd), while crude production added another 100,000 bpd to a new peak at 12.4 million bpd. During the session, WTI touched a low of $50.60 a barrel, its lowest since January 14.
U.S. West Texas Intermediate crude futures rose 23 cents, to $53.48/Bbl, up from a session low of $52.43/Bbl.
Brent futures had also sank as low as $59.45, also its lowest since mid-January.
US crude production continues to surge, however, as increased drilling in the prolific Permian shale basin helped push output to a record 12.4 million barrels per day (bpd) by the end of May. Stockpiles of distillates, including diesel and home heating fuel, jumped by 4.6 million barrels.
"The across-the-board inventory builds makes for a very bearish report", said John Kilduff, a partner at Again Capital.
Much of the concern about production is concentrated in nearby months, while the outlook further forward is dominated by fears about consumption.
Crude futures clawed back some gains on Tuesday as the stock market bounced on hopes the Federal Reserve will cut interest rates.
Iran's oil output has plummeted to a record low since 1990 in May as a result of US sanctions, Bloomberg reported on Monday June 3.
Earlier, production at Kashagan was around 330,000 to 340,000 barrel per day.
"So that's going to be the next level to watch".
-China trade conflict and the new trade dispute that the USA opened with Mexico just last week will start to impact global economic growth and lead to slowdown in economic activity and oil demand growth.
Experts think the most immediate possibility of relief for depressed crude prices is the Organization of the Petroleum Exporting Countries (OPEC), which will convene later this month or early in July to decide if their output cuts should be extended to the end of 2019.
Saudi Energy Minister Khalid al-Falih said on Monday a consensus was emerging among producers to continue working "to sustain market stability" in the second half of the year.
The number of rigs drilling for oil fell to just 800 at the end of May, down by nearly 10 percent from a current-cycle peak of 888 in November 2018, according to oilfield services company Baker Hughes. Igor Sechin, CEO and chairman of Russian energy giant Rosneft, this week said Russia should be free to hike output and floated the idea of seeking compensation if Moscow agrees to roll over the production deal.
The Manhattan District Attorney's office declined comment. 'There's a tape that shows what really happens and that's all. He told TMZ that he was at the bar partying with friends but didn't touch anyone.
One local official identified the victim as Brandon Webber and said he was shot several times in his family's front yard. Antonio Parkinson, D, calling for "complete transparency in the investigation of tonight's officer involved shooting".
Shahid Kapoor and Kiara Advani, who are awaiting the release of " Kabir Singh ", have been extensively promoting their film. The makers of Kabir Singh released a new track 'Kaise Hua' on 13 June (Thursday).
He can play in many positions - attacking midfielder, winger, even a false nine - so it is a fantastic opportunity". He will be joined at the club be fellow new boys Luka Jovic, Ferland Mendy, Eder Militao and Rodrygo Goes.
The Barcelona megastar has pocketed a whopping £99.8 million the past year, while the Juventus forward has earned £85.6 million. This is the first time that footballers have clinched the top three spots since Forbes began tracking athlete earnings in 1990.
Luigi's new tool this time around is the Poltergust G-00, which adds some more functionality to Luigi's trusty vacuum-weapon. Gadd makes a return, as does Gooigi, Luigi's aptly named goopy doppelganger from the 3DS remake of the original game.
California health officials estimate that 40 percent of waiver requests will be denied, the Los Angeles Times reported . Biel came to join the lobby against SB 276, a state bill criticised by anti-vaccination advocates like Kennedy.
Logano edges Kurt Busch, Truex at Michigan
Logano and Truex were up front on the restart, along with Kurt and Kyle Busch , and Logano pulled ahead in his No. 22 Ford. The previous mark of 162 was set in 1989 by Rusty Wallace - although Logano's race was extended by the overtime.
Paramount Developing Animated Spice Girls Movie
The Spice Girls (minus Victoria) are now nearing the end of their reunion tour which has seen them complete dates around the UK. The film will feature the voices of all five members of the original band and a plot in which the quintet become superheroes.
Trump mocked for 'Prince of Whales' tweet
Tweeting on Thursday, the president continued and denied any suggestion of wrongdoing. With that being said, my full answer is rarely played by the Fake News Media.
Sarah Huckabee Sanders Leaving White House Job
Sanders, for her part, has yet to issue a statement on the matter. " Thank you for your service to America and Donald Trump! ". She faced online harassment, was ridiculed by late night comedians and was asked to leave a Virginia restaurant.
Vatican rejects people choosing, changing genders
It's a sign that the church is not changing, and it's most hard for LBGT Catholics who are still committed to their faith. A democratic State can not impose a single current of thinking on gender, the Vatican said in a statement on Monday.