Prices of crude oil futures turned to losses on Wednesday and plunged over 2.5% after the United States Energy Information Administration stated that the crude stockpiles in the country rose by 2.4 million barrels on a weekly level.
Adding to the worries, the number of coronavirus cases in China's city of Shanghai rose by a record 17,077 during the last day, reheating worries about the demand for crude from one of the world's largest oil consumers.
West Texas Intermediate for deliveries in May dived 2.74% to $99.2 per barrel at 11:36 am ET, while Brent for June settlements surrendered 2.53% at the same time, going for $103.89 per barrel.
