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Commodity News Details
WTI Crude dips sharply as elevated US inventories weigh on sentiments
16-Aug-2024 17:20
WTI Crude oil futures fell today, giving up $76 per barrel as rising US Crude inventories weighed on the sentiments. The US Energy Information Administration (EIA) released its weekly inventory report on Wednesday, showing a 1.4-billion-barrel increase in stockpiles for the week ended August 9, breaking a six-week streak of declines. That followed a 3.7-million-barrel drawdown from the previous week. Crude is currently at $75.62 per barrel, down 1.78% on the day. These are one week low levels for oil prices.

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