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6/11, 8:18 AM (Source: TeleTrader)
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Oil drops over 3.5% as US stockpiles hit record-high

Crude futures dropped over 3.5% on Thursday as investors remained concerned about rising United States oil inventories after the US Energy Information Administration (EIA) said stockpiles rose to a record-high of 538.1 million barrels last week.

Oil prices were also affected by concerns about the US economy after the Federal Reserve stressed coronavirus effects will be felt in the short- and medium-term and warned a second wave of the infection could hinder economic recovery.

Brent for settlements in August slid 3.57% to go for $40.24 per barrel at 2:06 am ET and West Texas Intermediate for July delivery plunged 4.17% to sell for $37.95 per barrel at the same time.

Breaking the News / NP