The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Crude keeps tumbling
On Wednesday, oil dived, extending its losses into a third session, following rumors that weekly supply data to be unveiled in the day by the US Energy Information Administration is going to demonstrate a jump in American crude as well as fuel supplies.
On Tuesday, the American Petroleum Institute informed that American crude inventories soared by almost 3.2 million barrels the previous week versus experts’ hopes for a more moderate soar of approximately 0.1 million barrels.
Additionally, the API report also disclosed a soar of 2.6 million barrels in gasoline stocks. Meanwhile, distillate stocks, including heating oil and motor diesel, went down by 4 million barrels.
American West Texas Intermediate crude futures lost 0.7% hitting $64.06 a barrel, which is its lowest outcome for a week.
Brent crude futures went down 0.6% reaching $68.10 a barrel having lost 1% yesterday.
Gasoline futures sank 0.2% being worth $1.851 a gallon, heating oil declined 0.4% reaching $2.059 a gallon.
The yellow metal reached the highest levels in 6 years amid the global risk aversion.
The yellow metal could not stay for a long time near the $1,401 level.
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