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.