Oil prices plunge as US crude inventories increase

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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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