Oil plunges on surge in US stockpiles

Source: Reuters
© ScanPix/Reuters
Crude futures dropped on Wednesday, following a bigger-than-anticipated growth in the US oil reserves, with traders also waiting for the OPEC meeting in Vienna. Futures for WTI fell 1.71% to trade at $45.50 per barrel, while contracts for Brent were traded 1.35% lower at $48.05 per barrel by 07:30 AM GMT. Crude stocks in the US jumped by 7.1 million barrels in the week to October 16, missing estimates for a 3.5 million barrels rise.
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