WTI drops 3% on rise in US oil inventories

Wednesday, 12. June 2019 18:08

Oil extended losses from earlier in the session on Wednesday as West Texas Intermediate (WTI) tumbled over 3% after the United States Energy Information Administration (EIA) reported an unexpected rise in the country's crude inventories. The EIA said US oil stockpiles increased by 2.2 million barrels to 485.5 million barrels last week.

Crude prices were also pulled down by concerns about declining demand for the commodity after the EIA downgraded its global demand outlook for 2019 to 1.22 million barrels per day.

WTI for settlements in July dropped 3.04% to sell for $51.69 per barrel at 11:50 am ET and international benchmark Brent for deliveries in August slid 2.42% to go for $60.86 per barrel at 11:53 am ET.

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Breaking the News / NP