WTI crude oil for December delivery was down 2.16% to $43.03 a barrel mid-day Tuesday, and Brent crude oil for December delivery was down 1.56% to $46.80 a barrel.
Analysts expect the U.S. Energy Information Administration to announce that U.S. crude inventories grew for the fifth week in a row on Wednesday, according to the Wall Street Journal. Anticipation of the larger stockpiles brought down prices of the commodity.
"The market is bracing for what would almost assuredly be another big storage build tomorrow," Bob Yawger, director of the futures division at Mizuho Securities USA, told the Journal. "It's going to put us close to record numbers."
U.S. crude stockpiles reached 476.6 million barrels on October 16, according to the EIA. Stockpiles hit a record high of 490.9 million barrels in April.
Insight from TheStreet's Research Team:
Whiting Petroleum is a core holding of David Peltier's Stocks Under $10 Portfolio. During the most recent weekly roundup, this is what Dave had to say about the stock:
Whiting Petroleum ( (WLL) - Get Report ; 1.32%): The company explores for oil and gas in the Permian, Williston and Green River basins. The shares fell 10% this week, ahead of the coming quarterly report on Oct. 28. We believe that Whiting can continue to post above-average production growth in the coming quarters. WLL is an Inflection Point stock and has a price target of $51.
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