Crude Plunged as API Estimated Huge Build at Cushing

Crude oil resumed the losing streak as industry-sponsored API estimated a huge increase in crude inventory. Further deceleration in China’s industrial production growth also weighed on the commodity. The front-month WTI contract dropped to a 2-week low of 42.62 before ending that day at 42.93, down -2.90%. The Brent contract plunged to a 3-month low of 45.62 before settling at 45.81, down -3.44%.

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Crude Plunged as API Estimated Huge Build at Cushing