Oil Down to Lowest Level in a Year

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Oil prices ended Wednesday’s trading on a negative note. after data showed the tenth consecutive increase in crude inventories in the United States.

Nymex futures for January delivery dropped 2.5% or $1.27 and settled at the level of $50.29 per barrel.

Meanwhile. Brent lost 2.4%. or $1.45. and settled at $58.76 a barrel.

This is the lowest level for both since October 2017.

The weekly report of the Energy Information Administration (EIA) showed that crude oil inventories in the United States increased by 3.6 million barrels during the week that ended 23 November.

On Tuesday. the American Petroleum Institute (API) reported an estimated inventory increase of 3.453 million barrels.