Oil prices tumbled today on the EIA report showing a larger than expected rise of crude inventories. Crude stocks rose by 3.6MM/bbls last week far exceeding expectations of a 1.8MM/bbl jump. “U.S. supply activity is headwind for the market, and U.S. is a problem for OPEC+,” said John Kilduff, partner at Again Capital LLC in New York, adding he does not think Saudi Arabia can cut more output to boost prices. WTI moved into contango for the first time since July. On the product side gasoline showed strong demand with a surprise draw of 1.5MM/bbls while diesel inventories had a draw of 1.4MM/bbls. WTI traded down $1.60 or -2% to close at $76.66. Brent traded down $1.29 or -1.6% to close at $81.18.