Oil Price Sinks Below US$41 after Supply Report

CBC News reported that the price of oil dropped below US$41 per barrel on wednesday after recent figured showed a growing glut of crude. The US Energy Information Association commented that commercial inventories were up by 1.2 million barrels from the previous week.
According to the news report:

The West Texas Intermediate crude oil futures contract for January delivery slumped 3.7 per cent to $40.31 US in early afternoon trading on the New York Mercantile Exchange.

The EIA commented:

U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years.

Click here to view the full report.