Oil prices went down on Wednesday as official data showed that U.S. crude inventories rose unexpectedly last week.
The West Texas Intermediate for September delivery decreased 2.03 U.S. dollars to settle at 65.01 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery fell 1.70 dollars to close at 70.76 dollars a barrel on the London ICE Futures Exchange.
The Energy Information Administration said in its weekly report on Wednesday that U.S. commercial crude inventories rose by 6.8 million barrels in the week through Aug. 10, higher than market estimates of a decrease of 2.5-million barrels.
A earlier report said that inventories at the closely-watched U.S. delivery hub at Cushing, Oklahoma rose by 1.7 million barrels in the week through Aug. 10.
The surprise buildup of U.S. inventories weighed on the market on Wednesday, with both WTI and Brent oil prices dropping over 2 percent.
Sources:cctvplus
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