Oil continues to slide after EIA data

Wednesday, 11. December 2019 17:07

Oil prices extended losses following the Energy Information Administration's latest report that revealed a surprise build in crude stockpiles. According to the government data, inventories in the United States rose by 822,000 last week.

In other news, the Organization of the Petroleum Exporting Countries (OPEC) released its monthly report, in which the cartel said members produced 29.55 million barrels per day in November.

Brent for February delivery dropped 1.90% to $63.14 per barrel at 20:44 am ET, while West Texas Intermediate crude futures for January sank 1.76% to $58.19 a barrel.

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Author:
Breaking the News / JC