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10/7, 10:50 AM (Source: TeleTrader)
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WTI drops 3% after build in US inventories

West Texas Intermediate (WTI) futures fell by more than 3% on Thursday after the United States Energy Information Administration (EIA) reported yesterday that crude inventories added 2.3 million barrels in the week ending October 1, seemingly easing undersupply concerns.

Furthermore, US Energy Secretary Jennifer Granholm revealed that the government may opt to use oil from Strategic Petroleum Reserve (SPR) to address the current energy market situation.

WTI for settlements in November decreased 2.45% to sell for $75.53 per barrel at 4:35 am ET, while Brent for December deliveries was down 1.70%, going for $79.70 per barrel at the same time.

Baha Breaking the News (BBN) / MS