Crude inventories rose by 1.4 million barrels in the week to June 19 to 540.7 million barrels, the EIA said. Crude inventories also hit another record high on the Gulf Coast, where the bulk of the nation’s refining capacity is located. U.S. crude futures dropped 3.8%, or $1.54, to $38.83 a barrel by 10:48 a.m. ET (1448 GMT), while Brent was down 3.9%, or $1.67, at $40.96 a barrel.
