FXStreet (Mumbai) – Oil prices in the US settled at USD at their lowest level in almost three months on Wednesday after the government data showed an unexpected buildup in inventories.
Crude inventories rise
WTI Crude oil closed 1.3% lower or 68 cents lower at USD 51.56/barrel, its lowest daily closing since April 10. The prices came under pressure after a weekly government report contradicted widespread expectations to show a rise in the crude and gasoline stocks.
Commercial crude-oil stockpiles rose by 400,000 barrels in the week ended July 3, the US Energy Information Administration said Wednesday, which contradicted the expected drop of 1 million barrels.
Oil was already facing downward pressure due to the rout in the China’s stock market and the Greek debt crisis.
(Market News Provided by FXstreet)