5/19, 8:15 AM (Source: TeleTrader)
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Oil slumps amid fears of Indian strain, inflation

Oil prices slid on Wednesday, extending losses recorded during the previous day, as the investors remained worried over the possibility of the United States Federal Reserve raising the interest rates amid inflation fears.

On the COVID front, while the number of daily registered coronavirus infections in India seemed to have dropped, virus-related deaths recorded on a daily basis reached another all-time high. The US crude inventories also rose by 0.62 million barrels compared to the last week's figure, according to the data reportedly published by the American Petroleum Institute.

Brent for July delivery declined by 1.03% to go for $68.01 per barrel at 2:05 am ET, while West Texas Intermediate for July settlements lost 1.07% to go for $64.8 per barrel at the same time.

Breaking the News / BU