Oil prices lurched lower on Wednesday after stockpiles of US crude unexpectedly jumped by 6.8mbpd, the most in 5 weeks to 483.3mb, a fresh 22-month high, the EIA said on Wednesday. WTI fell 4.2% to $51.2 a barrel — the lowest since January, according to Refinitv. Brent crude fell as much as 3% to $60.1 barrel, also the lowest intraday level since January. Oil prices had tumbled last month with Brent down more than 11% in May amid concerns regarding the escalating trade war between the US and China.
Source:Arrow
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