The light, sweet crude oil price for January delivery dropped more than $1 on the New York market Nov. 28 to settle below $51/bbl while Brent crude oil for January also dropped more than $1 to settle below $59/bbl. The US Energy Information Administration estimated US crude oil inventories, excluding the Strategic Petroleum Reserve, increased by 3.6 million bbl for the week ended Nov. 23. The oil inventory build was much larger than analysts had expected.

Source: News