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5/19, 4:58 PM (Source: TeleTrader)
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Oil falls to one-month lows as US inventories grow

Prices of oil futures extended their losses from earlier in the day on Wednesday, decreasing over 4.5% to one-month lows, after the United States Energy Information Administration (EIA) registered a 1.3 million barrel increase in commercial crude oil inventories in the country over the past seven days. Reportedly, the American Petroleum Institute (API) also measured a rise in oil stockpiles in the US, seemingly sparking oversupply concerns.

Brent for July deliveries was down 4.47%, going for $65.70 per barrel at 10:45 am ET, while West Texas Intermediate (WTI) for settlements in June lost 4.87% to sell for $62.30 per barrel a minute later.

Breaking the News / MS