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Oil prices plunge after disappointing stockpile data

Xinhua, July 8, 2016 Adjust font size:

Oil prices reversed early gains to end sharply lower Thursday, as official data showed U.S. crude inventories dropped by less than expected.

U.S. crude supplies of last week lost 2.2 million barrels to 524.4 million barrels, below market consensus of a 2.5-million decline, according to the Energy Information Administration (EIA)'s weekly report released Thursday.

The industry-funded American Petroleum Institute reported Wednesday that crude supplies fell by 6.7 million barrels last week.

Meanwhile, worries about global economic uncertainty after Britain's exit from the European Union continued to weigh on the market.

The West Texas Intermediate for August delivery tumbled 2.29 U.S. dollars to settle at 45.14 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery dropped 2.40 dollars to close at 46.40 dollars a barrel on the London ICE Futures Exchange. Enditem