2017.08.1614:13:00UTC+00Crude Oil Tumbles Despite EIA Inventories Draw

Crude oil futures tumbled Wednesday, despite a significant drop in U.S. oil inventories.

Speculation that OPEC will fail to re-balance global oil markets with its supply quota plan continues to weigh on oil prices. A stronger dollar also dented oil

WTI light sweet crude oil was down 70 cents at $46.86 a barrel.

Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies fell by 8.9 million barrels for the week ended Aug. 11 -- almost triple our forecast for a decline of 3 million barrels.

The EIA is roughly in line with industry data from the American Petroleum Institute, which yesterday reported a draw of 9.2 million barrels in United States crude oil inventories-the biggest draw since September 2016.