Following the release of a U.S. government report detailing the supply and consumption levels of Oil in America, Crude prices dropped below the $77 mark in trading on Wednesday. The report showed that gasoline supplies rose 4 million barrels, while consumption levels dropped 3.2% from a year ago in the world's largest energy consumer.

Oil also fell due to new data that came out of Russia, showing the country's output at record highs for the second month in a row. According to the Energy Ministry, Russia's output remained at 10.07 million barrels a day in November, up 2.9% from last year.

Analysts are predicting that Oil prices will stay between $75 and $82 for some time. Traders may want to watch out for any changes in output numbers due to volatility in the Middle East. If output drops for any reason, prices could go up and break the $82 barrier.