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6/24, 5:05 PM (Source: TeleTrader)
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Oil prices extend losses after EIA report

Crude prices continued to trade lower on Wednesday following the latest report from the US Energy Information Administration on oil inventories.

The report marks the third consecutive build in crude inventories as the EIA reported a jump of 1.4 million barrels last week. Meanwhile, growing fears over the resurgence of the coronavirus continued to weigh on prices.

Brent for August delivery dropped 3.94% to $40.95 per barrel at 10:50 am ET. At the same time, West Texas Intermediate for settlements in the same month sank 4.09% to $38.72 per barrel.

Breaking the News / JC