US Department of Energy said crude oil inventories rose by 4.4 million barrels for the week ended on October 21 to total 316.4 million barrels. That is 12.3 percent above the level in the corresponding period of last year. The report also showed that stock of gasoline increased by 200,000 barrels to 195.9 million last week.
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Crude Plunged On Rising Inventories
Crude oil prices plunged Wednesday as US crude stockpiles continued to increase
Crude oil prices plummeted Wednesday as US crude stockpiles continued to increase.
US light sweet crude for delivery in December, fell $1.78 to end at $60.66 a barrel.
In London, Brent crude for December delivery dropped $1.37 to close at $58.87 a barrel on the IPE.
US Department of Energy said crude oil inventories rose by 4.4 million barrels for the week ended on October 21 to total 316.4 million barrels. That is 12.3 percent above the level in the corresponding period of last year. The report also showed that stock of gasoline increased by 200,000 barrels to 195.9 million last week.
US Department of Energy said crude oil inventories rose by 4.4 million barrels for the week ended on October 21 to total 316.4 million barrels. That is 12.3 percent above the level in the corresponding period of last year. The report also showed that stock of gasoline increased by 200,000 barrels to 195.9 million last week.
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