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4/1, 7:47 PM (Source: TeleTrader)
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Oil prices drop as US boosts stockpiles

Crude futures traded lower on Wednesday with Brent plunging over 5% as coronavirus pandemic, the price war between Russia and Saudi Arabia and rising US oil inventories weighed on prices.

The US Energy Information Administration (EIA) said earlier in the day that American oil stockpiles jumped by 13.8 million barrels to 469.2 million barrels last week. Meanwhile, analysts predicted the Saudi-Russia price was could last until next year and demand continued to fall due to coronavirus travel restrictions.

Brent for settlements in June plummeted 5.43% to sell for 24.93 per barrel at 1:35 pm ET and West Texas Intermediate (WTI) lost 1.37% to go for 20.20 per barrel at 1:34 pm ET.

Breaking the News / NP