Crude oil prices crumbled Wednesday, dropping back near 6-year lows as Saudi officials sent a clear signal they intend to keep pumping oil at a breakneck pace.
Saudi Arabia won’t change its current production policy, a government minister told WSJ.
Meanwhile, Energy Information Administration reported U.S. crude inventories rose by 2.6 million barrels last week. Expectations were for a decline.
The American Petroleum Institute, an industry group, reported Tuesday that U.S. crude-oil inventories rose by 2.9 million barrels in the latest week.
Nymex February crude oil plunged $1.27, or 3.4%, to end at $36.60 a barrel. A move below $34 would take oil to its lowest in 11 years.
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