2017.03.2207:55:00UTC+00Crude Oil Extends Recent Losses, Goldman Sees Rampant Production

Crude oil price continued to fall Wednesday morning ahead of expectations the government will again report record high U.S. inventories for this time of year.

In a key prelude to this morning's Energy Information Administration report, industry group the American Petroleum Institute said U.S. inventories jumped 4.5 million barrels after a brief respite the week before.

Meanwhile, Goldman Sachs analysts say OPEC will have a hard time getting its supply quota plan to re-balance the global market.

"Our database of the industry's new oil & gas developments shows that 2017-19 is likely to see the largest increase in mega projects production in history, as the record 2011-13 capex (capital expenditure) commitment yields fruit," the analysts said.

WTI light sweet crude for May was down 72 cents, or 1.49%, to $47.50 a barrel.