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$45 drop in WTI oil futures after bearish U.S. supply report

$45 drop in WTI oil futures West Texas Intermediate oil futures are experiencing prolonged losses relative to weak demand in the market as reported last Wednesday, by investing.com.

“Crude oil for delivery in December on the New York Mercantile Exchange fell to an intraday low of $44.88 a barrel, the weakest level since October 2, before trading at $44.98 during U.S. morning hours, down $1.31, or 2.8%. Prices were around $45.17 prior to the release of the inventory data,” investing.com added.

This is after the U.S. Energy Information Administration said that crude oil inventories rose by 8.0 million barrels in the week ended October 16. American Petroleum Institute reported last Tuesday an increase of 7.1 million barrels – a quantity that is a way bigger compared to the market analysts’ expected 3.9 million barrels crude-stock rise.

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