Oil prices dropped sharply Wednesday as weekly inventory data revealed a much larger-than-expected increase in crude-oil stockpiles. U.S. crude futures fell $1.58, or 3.39%, to $45.09 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, fell $1.55, or 3.22%, to $46.59 a barrel. The U.S. Energy Information Administration said crude-oil stockpiles rose by 14.4 million barrels in the week ended Oct. 28—the largest weekly increase in 34 years of data collected by the EIA. Analysts polled by The Wall Street Journal expected a more modest increase of 1 million barrels. The report broke a string of weekly draws from U.S. crude supplies that had helped bolster the case that supply and demand were coming into balance. In September, OPEC leaders agreed to curtail the group’s production, possibly by 200,000 to 700,000… “You could easily make the argument it’s the most bearish report of all time. There’s […]