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11/17/2021, 11:38 AM (Source: TeleTrader)
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Oil falls after data shows US inventories jump

Crude futures dropped more than 1% on Wednesday after private data showed United States oil stockpiles climbed by 655,000 barrels last week. The US Energy Information Administration (EIA) is set to publish official data on inventories later in the day.

Meanwhile, US Energy Secretary Jennifer Granholm said earlier in the week that President Joe Biden is considering releasing oil from the Strategic Petroleum Reserve (SPR) amid rising gasoline prices, but some lawmakers, including House Majority Leader Steny Hoyer, said they did not support such a move.

West Texas Intermediate (WTI) for deliveries in December fell 1.29% to go for $79.72 per barrel at 5:24 am ET and Brent for settlements in January lost 1.07% to sell for $81.55 per barrel at 5:25 am ET.

Baha Breaking the News (BBN) / NP