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10/6, 4:53 PM (Source: TeleTrader)
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Oil falls 2% as US inventories grow

Prices of oil futures dropped over 2% on Wednesday after the United States Energy Information Administration (EIA) documented a 2.3 million barrel increase in commercial crude oil inventories in the country over the past week.

In addition, the American Petroleum Institute (API) yesterday reportedly also registered a rise in oil stockpiles in the US.

Brent for December deliveries was down 2.05%, going for $80.87 per barrel at 10:44 am ET, while West Texas Intermediate (WTI) for settlements in November lost 2.18% to sell for $77.25 per barrel a minute later.

Baha Breaking the News (BBN) / MS