EIA published its weekly inventory report. You can download it here. Oil dipped below $45 a barrel today for the 1st time since March. This slide comes despite larger-than-expected oil inventory drop. U.S. crude oil imports averaged 7.2 million barrels per day last week, down by 365,000 barrels per day from the previous week. U.S. commercial crude oil inventories decreased by 4.4 million barrels from the previous week. U.S. crude oil refinery inputs averaged about 17.1 million barrels per day during the week ending July 31, 2015, 313,000 barrels per day more than the previous week’s average.

The fact that crude prices fell in the midst of what should have been bullish news shows the depth of the bearish mood among energy traders over the worldwide glut in crude, analysts said. The long-term oil story here is one of oversupply amidst a long-running production boom from shale fracking, combined with China’s cooling economy.

“The overarching theme in the oil market … is the status of U.S. oil supply and whether or not we’ll be facing an imminent decline and the latest weekly data hasn’t brought any comfort relative to those kind of expectations,” BNP Paribas oil analyst Harry Tchilinguirian told Reuters.

After initially extending gains, both Brent and U.S. crude futures pulled back, with the U.S. contract turning negative in seesaw trading.

EIA reported that total products supplied over the last four-week period averaged over 20.3 million barrels per day, up by 3.6% from the same period last year.

Check the stats in the sidebar for up-to-date US oil inventory numbers.