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9/29, 9:32 AM (Source: TeleTrader)
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Oil drops near 2% after sudden jump in US stockpiles

Prices of oil futures dived close to 2% on Wednesday after private data from the American Petroleum Institute (API) hinted at an unexpected weekly rise in crude inventories in the United States.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) said in its 2021 World Oil Outlook that the demand for crude is expected to rise by 13.8 million barrels per day by 2026, compared to the level seen in 2020.

WTI for settlements in November dipped 1.91% to sell for $73.85 per barrel at 3:20 am ET, while Brent for November deliveries lost 1.62% a minute later, going for $77.81 per barrel.

Breaking the News / BU