Oil prices dropped in the European session as investors got a wakeup call regarding the excess supply issue after the data in the US showed record high stockpiles. At the time of writing, WTI oil futures were down 1.6% or 54 cents at $33.85/barrel. Brent futures were down 0.60% or 24 cents at $33.84/barrel. For past few days, oil remained on a front foot on speculation the OPEC and non-OPEC producers would meet and reach a production freeze agreement. However, a reality check hit the markets after the American Petroleum Institute (API) figure released in the NY session showed a record high buildup of inventories. Oil traders now await the US government inventory data. For more information, read our latest forex news.