Oil drops 2.5% after EIA reports rise in US stockpiles

Markets 10/11/2018, 5:58 PM
Oil drops 2.5% after EIA reports rise in US stockpiles

Crude prices fell around 2.5% on Thursday as investors digested the worse-than-expected report from the United States Energy Information Administration (EIA) that stated a rise of 6 million barrels in the American oil inventories for last week. Meanwhile, investment incentives were also lower amid and ongoing market selloff on Wall Street.

Earlier today, the Organization of the Petroleum Exporting Countries (OPEC) revised down global oil demand growth projection to 1.54 million barrels per day from 1.62 million barrels per day in September, with the total demand for 2018 at 98.79 million barrels per day. This marks the organization's third consecutive downward revision.

West Texas Intermediate for November delivery dropped 2.58%, changing hands for $71.26 per barrel at 5:46 pm CET while the international benchmark Brent for settlements in December lost 2.70% to trade for $80.82 per barrel at 5:47 pm CET.

Breaking the News / VK

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Brent Crude (...-0.25%

80.56
Chart for: F BRN 12/18

F WBS-0.13%

71.53
Chart for: F WBS 11/18