11/16/2023, 3:31 PM (Source: TeleTrader)
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WTI down 2.5% after US stockpiles expand

Prices of oil futures declined on Thursday after the United States Energy Information Administration (EIA) reported yesterday that crude oil inventories rose by 3.6 million barrels and private data from the American Petroleum Institute (API) pointed to a 3.4 million barrel increase.

In addition, industrial production in the globe's strongest economy decreased 0.6% month on month in October, causing additional concern about demand.

West Texas Intermediate (WTI) for settlements in December 2023 dropped 2.52% to $74.75 per barrel and Brent for deliveries in January 2024 fell by 2.28% to $79.25 per barrel at 9:25 am ET.

Baha Breaking News (BBN) / MS