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9/10, 3:15 PM (Source: TeleTrader)
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Crude sinks 2% as US oil stockpiles rise

Prices of oil declined with West Texas Intermediate losing 2% on Thursday after private data showed an increase in the United States' crude inventories. According to the American Petroleum Institute (API), the country's oil stockpiles climbed by 2.97 million barrels in the week ending September 4.

Meanwhile, the US Energy Information Administration (EIA) is expected to release its report on crude inventories in the country later in the day.

Brent for settlements in November went down by 1.03% to trade for $40.37 per barrel at 9:03 am ET, while West Texas Intermediate (WTI) for deliveries in October dropped 1.42%, selling at $37.51 per barrel a minute later.

Breaking the News / GA