Crude futures for September delivery fell over 1% today on EIA report suggested a massive increase in oil stock piles for 19-23 July, up 7.3M / barrels in comparison to the previous reading of 0.4M. Investors were discouraged by the excess crude supply, forcing the prices to take a considerable downturn.
Crude contracts decreased by $1.48 to trade at $77.50 a barrel on the New York Mercantile Exchange. This is the biggest fall since July 1. At the time of writing, the prices are around $76.00 / barrel, a 1.70% fall from the previous close.
