Oil prices plunge on rising U.S. stockpiles
Xinhua,February 08, 2018 Adjust font size:
NEW YORK, Feb. 7 (Xinhua) -- Oil prices fell sharply on Wednesday after data showed rising U.S. crude stockpiles.
Crude oil inventories were up 1.9 million barrels in the Feb. 2 week to 420.3 million, the second weekly increase in a row after 11 weeks of consecutive drawdowns, said the Energy Information Administration (EIA) on Wednesday.
Product inventories also increased, with gasoline up 3.4 million barrels to 245.5 million, and distillates up 3.9 million barrels to 141.8 million, according to the administration.
The West Texas Intermediate for March delivery decreased 1.60 U.S. dollar to settle at 61.79 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery lost 1.35 dollars to close at 65.51 dollars a barrel on the London ICE Futures Exchange. Enditem