Oil prices drop on reported rise in US inventories

Thursday, 17. October 2019 09:04

Crude futures fell nearly 1% on Thursday after private data showed a larger-than-expected increase in United States oil inventories.

According to a report by the American Petroleum Institute (API), US oil stockpiles grew by 10.5 million barrels last week, marking the biggest jump in over two and a half years. Official data from the US Energy Information Administration (EIA) is scheduled for release later in the day.

International benchmark Brent for December delivery slid 0.88% to go for $58.90 per barrel at 2:53 am ET and West Texas Intermediate (WTI) for settlements in November dropped 0.92% to sell for $52.87 per barrel at 2:51 am ET.

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