Surprising Increase in Oil Inventory Weighed on Prices

Crude oil prices plunged as a US report shows increase in crude and refinery product inventories. The front-month WTI contract plunged -2.77% to close at 46.77, the lowest level in more than a week, while the Brent contract dropped -1.82% to settle at 49.05. The Nymex heating oil gas future also dropped while RBOB gasoline added +0.72%.

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