Crude oil prices slipped to their lowest in three weeks Wednesday, after official data showed a huge jump in U.S. crude inventories.
The U.S. Energy Information Administration reported an increase of 8 million barrels in crude supplies for the week ended Oct. 16.
That’s in line with yesterday’s industry data from the American Petroleum Institute.
Inventories have surged in the past two weeks, signalling slowing demand amid rising global supplies.
Dec. oil settled at $45.20/bbl on Nymex, down $1.09, or 2.4%, its lowest since October 1.
The material has been provided by InstaForex Company – www.instaforex.com