2/1, 6:24 PM (Source: TeleTrader)
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Oil down over 3% after US inventories grow

Prices of oil in future contracts fell over 3% on Wednesday after the United States Energy Information Administration (EIA) reported that crude oil in the country's stockpiles increased by 4.1 million barrels from a week ago. Similarly, the American Petroleum Institute (API) private data supposedly showed a 6.33 million barrel buildup in domestic inventories.

Traders also monitored the decision by the Organization of the Petroleum Exporting Countries (OPEC) and allied producers to stick to its previous output plan.

West Texas Intermediate (WTI) for settlements in March dropped 3.02% to $76.49 per barrel at 12:20 pm ET, while Brent for deliveries in April fell by 3.04% to $85.85 per barrel at the same time.

Baha Breaking News (BBN) / MS