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3/8/2017, 8:26 PM (Source: TeleTrader)
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WTI plunges over 5% after jump in oil inventories

Crude prices saw a significant drop on Wednesday after US Energy Information Administration's report that said oil inventories increased by 8.2 million barrels in the week ending March 3 to 528.4 million barrels. The increase in oil inventories was much higher than the expected rise of 1.66 million.

West Texas Intermediate for April delivery fell 5.1% to go for $50.19 a barrel at 8:24 pm CET. At the same time, Brent for May delivery lost 4.52% changing hands for $53.1 per barrel.

Breaking the News / DN