Oil prices plunge as US crude inventories increase



Oil prices fell on Wednesday (November 9), after industry data showed that U.S. crude stockpiles rose more than expected and on concerns that a rebound in COVID-19 cases in top importer China would hurt fuel demand.

Ending Wednesday’s session, the Brent oil contract dropped $1.68 (equivalent to 1.7%) to $93.68 per barrel. The WTI oil contract lost $1.64, or 1.8 percent, to $87.27 a barrel. These two contracts both fell about 3% on Tuesday (November 8).

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