Oil prices dip by 2.5% amid U.S. in­ven­tory data con­cerns

The Guardian (Nigeria) - - NEWS - By Stan­ley Opara

OIL prices slumped to more than two-week lows yes­ter­day, as global stock mar­kets fell, with in­vestor sen­ti­ment made more bear­ish by the United States gov­ern­ment data that showed do­mes­tic crude in­ven­to­ries rose more than ex­pected last week. Brent crude fu­tures fell by $2.08 or 2.5 per­cent to $81.01 a bar­rel. The con­tra posted a ses­sion low of $80.69, its weak­est since Septem­ber 24. The global bench­mark has re­treated af­ter hit­ting a four-year high of $86.74 on Oc­to­ber 3.

U.S. West Texas In­ter­me­di­ate (WTI) crude CLC1 fu­tures fell $1.81, or 2.5 per­cent, to $71.36 a bar­rel. WTI hit a ses­sion low of $71.08, the low­est since Septem­ber 21.

Crude in­ven­to­ries rose by six mil­lion bar­rels in the week to Oc­to­ber 5, data from the En­ergy In­for­ma­tion Ad­min­is­tra­tion showed yes­ter­day. An­a­lysts had ex­pected an in­crease of 2.6 mil­lion bar­rels. Re­fin­ery crude runs fell by 352,000 bar­rels per day, EIA data in­di­cated, while util­i­sa­tion rates dropped by 1.6 per­cent­age points.

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