Oil prices fell to a one-month low on Wednesday, pushed down by a rather bearish report from the EIA that showed a large increase in crude inventories. Brent briefly dipped below $80 per barrel and WTI was back below $70 per barrel as of Wednesday afternoon. The EIA said that crude oil inventories rose by 6.5 million barrels in the week ending on October 12. Crude stocks have actually been rising since mid-September, and are now back up to 416.4 million barrels. The four consecutive weeks of inventory gains is the longest streak since early 2017. “That’s a negative for oil prices right now, the larger-than-expected build in inventories this week,” Rob Thummel, managing director at Tortoise, told Bloomberg . (Click to enlarge) Despite the bottlenecks plaguing the shale sector, U.S. oil production continues to trend up. The EIA expects the Permian basin to add 53,000 bpd in November, […]