Oil prices slide 3% on record US crude stock build
Record weekly build in US crude inventories stoked investor worries about a global supply glut
New York — Oil prices tumbled 3% on Wednesday after a record weekly build in US crude inventories stoked investor worries about a global supply glut, days after analysts estimated higher monthly Opec crude output. The US Energy Information Administration (EIA) said crude inventories rose 14.4 million barrels for the week ended October 28, far more than the 1.0 billion barrels analysts had expected. It was the biggest weekly rise in US crude stocks, passing a 2012 record. "This is very, very, very bearish. Nothing else in the report matters," said James L Williams, energy economist at WTRG Economics in London, Arkansas. US West Texas Intermediate (WTI) crude fell by $1.40, or 3%, to $45.27 a barrel by 3.48pm GMT. Earlier, it fell below the $45-per barrel support level, sinking to a five-week low of $44.96. Brent was down $1.41, or 2.9%, at $46.73, after sliding to $46.50, its lowest since September 28. Oil prices had surged in recent weeks, with Brent hitting one-year highs of $53.73...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.