Oil settles at $45.72, down 5.1% at 5-week low, after big US stockpile rise

Oil settles at $45.72, down 5.1% at 5-week low, after big US stockpile rise

Oil prices slid nearly 5 percent on Wednesday after the U.S. government reported an unexpected increase in crude inventories, fanning fears that output cuts by major world oil producers have not drained a global glut very much.

Crude stocks in the United States grew 3.3 million barrels to 513 million barrels, according to the U.S. Energy Information Administration (EIA). That confounded forecasters who had predicted a drop of 3.5 million barrels, especially a day after preliminary data from the American Petroleum Institute indicated an even bigger drop. Read more

Credits:cnbc.com

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