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10/27, 6:17 PM (Source: TeleTrader)
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Oil extends losses on US inventory build-up

Crude futures extended losses on Wednesday, dropping more than 2% after the United States reported a larger-than-expected increase in the country's oil inventories.

Earlier in the day, the US Energy Information Administration (EIA) said the country's oil stockpiles climbed by 4.3 million barrels to 430.8 million barrels last week.

Brent for settlements in December jumped 2.12% to sell for $84.57 at 12:03 pm ET and West Texas Intermediate (WTI) for December delivery gained 2.03% to go for $82.93 at 12:01 pm ET.

Breaking the News / NP