COMMODITY
Crude oil futures end deeply in red as inventories surge
May-02-2024

Crude oil futures ended deeply in red on Wednesday after data showed an unexpected sharp jump in U.S. crude inventories in the week ended April 26th. Data released by the Energy Information Administration (EIA) showed crude oil inventories jumped by 7.3 million barrels last week after tumbling by 6.4 million barrels in the previous week. Street had expected crude oil inventories to decrease by 2.3 million barrels. Besides, the ongoing efforts to reach a cease-fire agreement between Israel and Hamas weighed as well on oil prices.

Benchmark crude oil futures for June delivery fell $2.93 or 3.6% to settle at $79 a barrel on the New York Mercantile Exchange. Brent crude for July delivery dropped $2.89 or 3.4% to $83.44 per barrel on London's Intercontinental Exchange. 


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