World oil prices sank on Wednesday on news that US crude inventories ballooned last week, worsening the stubborn global glut.
US benchmark West Texas Intermediate (WTI) for delivery in May lost US$1.66 to US$39.79 per barrel, after five sessions spent over the US$40 threshold.
Brent North Sea crude for May delivery fell US$1.32 to US$40.47 a barrel.
The US Energy Information Administration reported Wednesday that American crude oil reserves surged 9.36 million barrels last week to 532.5 million barrels.
That was almost quadruple the expectations of analysts polled by Bloomberg News.
But mitigating some of that gain was a 4.6 million barrel fall in gasoline stockpiles.
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US benchmark West Texas Intermediate (WTI) for delivery in May lost US$1.66 to US$39.79 per barrel, after five sessions spent over the US$40 threshold.
Brent North Sea crude for May delivery fell US$1.32 to US$40.47 a barrel.
The US Energy Information Administration reported Wednesday that American crude oil reserves surged 9.36 million barrels last week to 532.5 million barrels.
That was almost quadruple the expectations of analysts polled by Bloomberg News.
But mitigating some of that gain was a 4.6 million barrel fall in gasoline stockpiles.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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