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Rising US Inventories Push Oil Prices Down

Video Credit: Wochit Business - Duration: 00:53s - Published < > Embed
Rising US Inventories Push Oil Prices Down

Rising US Inventories Push Oil Prices Down

According to Reuters, the price of oil plunged by 2-percent.

On June 12th, crude oil futures extended their losses after the US Energy Information Administration said domestic oil inventories unexpectedly rose for a second consecutive week.

That led the EIA to cut their 2019 forecast for global oil demand growth.

West Texas Intermediate crude futures led losses, plummeting 2.7-percent.

On the day, West Texas Intermediate shed $1.42, bringing the price per barrel down to $51.85.

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Rising US Inventories Push Oil Prices Down

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