Oil prices fall as U.S. crude stocks climb to highest since September 2017

Oil prices fall as U.S. crude stocks climb to highest since September 2017
  • Clock-gray 22:18
  • calendar-gray 01 May 2019

Oil futures sank about 1% on Wednesday after U.S. crude inventories in the United States soared more than expected to their highest since September 2017 as production hit a record high of 12.3 million barrels per day, APAreports quoting Reuters.

The declines were somewhat tempered by the intensifying crisis in Venezuela and Washington’s stopping Iranian oil sanction waivers as of May 1, with the fall in the global Brent benchmark more muted.

Brent crude oil futures were down 35 cents, or 0.5%, at $71.71 a barrel by 1:01 p.m. p.m. EDT (1701 GMT). U.S. West Texas Intermediate crude futures (WTI) fell 67 cents, or 1.1%, to $63.24 a barrel.

Faiq Mahmudov

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