From Art Berman: WTI futures fell $2.86 from $53.14 to $50.28 per barrel, and Brent futures dropped $3.81 from $55.92 to $52.11 per barrel. WTI is trading below $49 and Brent below $52 per barrel at the time of writing.
The apparent cause was a larger-than-expected 8.2 million-barrel (mmb) addition to U.S. crude oil inventories.
Over-Reaction