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Oil tumbles below $43

Oil inventories fell more than expected on Wednesday.

Oil futures rose briefly after US oil inventories dropped more than expected.

The price of West Texas Intermediate crude oil futures gained by 0.48% to $43.70 per barrel early on Wednesday after US crude oil inventories fell by 2.451 million barrels, a bigger drop than the 2.106 million that was expected, according to the Energy Information Administration.

After rising slightly, oil resumed what has become a familiar decline. WTI Futures are down 1.27% at $42.79 in midday trading Wednesday.

Oil prices have been plummeting on a steady drone of supply increases across the globe. The price of oil hit a 7-month low Tuesday. Libya's production has been rising in recent weeks, sending general OPEC production higher. OPEC countries decided to cut production through 2018 to combat the supply glut, though not as much as speculators had hoped.

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Bank of America said oil was on such a downtrend that it could hit $30 a barrel soon.

This week's draw on US inventories was higher than last week's. Investors were disappointed by the 1.66 million barrel reduction last week.

WTI crude oil futures are down 10.8% this year. The continuing declines crossed over the mark for a bear market on Tuesday of this week.

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