10/21, 11:32 AM (Source: TeleTrader)
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Crude sinks nearly 2% as US stockpiles climb

Prices of oil dropped by nearly 2% on Wednesday after private data showed larger-than-expected growth in crude inventories in the United States.

The country's oil stockpiles went up by 584,000 barrels in the week ending October 16 despite the fact experts expected a decline from the previous week's level, according to data from the American Petroleum Institute (API). The Energy Information Administration (EIA) is set to release its report on the US crude inventories later in the day.

West Texas Intermediate (WTI) for deliveries in December plunged 1.56% to go for $41.05 per barrel at 5:20 am ET, while Brent for the same month's settlement lost 1.41% a minute later to sell at $42.55 per barrel.

Breaking the News / GA