Oil dips 1% on higher US inventories - Breaking The News

Oil dips 1% on higher US inventories

3 July

1 min read

EPA-EFE/ADAM VAUGHAN

Crude oil prices dropped by more than 1% on Thursday after the latest report by the US Energy Information Administration (EIA) showed that commercial crude oil inventories in the United States rose by 3.8 million barrels in the last week of June, which surprised analysts, who projected a decline in the stockpiles for the reported week.

West Texas Intermediate (WTI) for August's deliveries dipped by 1.05% at 5:50 am ET, going for $66.75 per barrel. Meanwhile, Brent for settlements in September declined by 1.03% and sold for $68.40 per barrel at 5:51 am ET.

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