6/24, 10:49 AM (Source: TeleTrader)
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Oil trades lower on reported US inventories rise

Crude futures traded 1% lower on Wednesday after private data showed a larger-than-expected rise in United States oil inventories.

According to the American Petroleum Institute (API), US stockpiles jumped by 1.75 million last week. Official figures on inventories are set to be released later in the day by the US Energy Information Administration (EIA).

West Texas Intermediate (WTI) for August delivery slid 1.44% to sell for $39.80 per barrel at 4:37 am ET and Brent for settlements in August fell 1.03% to go for $42.19 per barrel at 4:38 am ET.

Breaking the News / NP