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8/3, 5:37 PM (Source: TeleTrader)
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Oil drops 2% after US inventories data

Crude futures turned negative on Wednesday after United States data showed an unexpected jump in the country's oil inventories.

The US Energy Information Administration (EIA) said that oil stockpiles climbed by 4.5 million barrels to 426.6 million barrels last week, despite analysts expecting a decline. Earlier in the day, OPEC+ announced it will boost output by 100,000 barrels per day.

Brent for settlements in October slid 2.18% to sell for $98.24 per barrel at 11:26 am ET and West Texas Intermediate (WTI) for September delivery fell 1.96% to go for $92.27 per barrel at the same time.

Baha Breaking News (BBN) / NP