Oil Slumped on Soar in Inventory, Disappointing US Data

Oil prices slumped Wednesday as US oil inventory rose much more than expected, durable goods orders improved less than expected and concerns over the Eurozone crisis remained. The front-month contract for WTI crude oil plunged to 104.67, the lowest level in 4 days, before settling at 105.41, down -1.79%, while the equivalent Brent crude contract dropped -1.10%. Gold erased most gains achieved over the past days and declined -1.60% during the day.

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Oil Slumped on Soar in Inventory, Disappointing US Data