3/15, 4:10 PM (Source: TeleTrader)
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Crude oil prices extend losses, WTI falls 5% after EIA report

Oil futures prices extended their losses on Wednesday and fell further just after the release of the latest Energy Information Administration (EIA) report.

Earlier, the price of West Texas Intermediate (WTI) fell under $70 per barrel following news that Chinese industrial output grew less than expected, signaling a slower demand. On top of that, the latest EIA report showed that global stockpiles have reached their highest in 18 months. Moreover, commercial crude oil inventories in the United States rose by 1.55 million barrels to 480.1 million barrels in the week ending March 10.

Brent for May delivery dipped 4.76% to sell at $73.62 per barrel at 11:02 am ET. WTI for settlements in April fell 5.24% to $67.65 per barrel.

Baha Breaking News (BBN) / JG