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Oil futures sank on Wednesday as an unexpected build in U.S. crude stockpiles compounded investor worries

Author:
Valentin Lazarov
Market News

Oil futures sank on Wednesday as an unexpected build in U.S. crude stockpiles compounded investor worries that a prolonged trade war between Washington and Beijing could dent crude demand.

U.S. West Texas Intermediate crude futures settled $1.71 lower at $61.39, tumbling 2.7 percent to the lowest closing level in more than a week. Brent crude futures fell $1.19, or 1.7%, at $70.99 at barrel.

U.S. crude inventories swelled by 4.7 million barrels in the latest week to their highest since July 2017, the U.S. Energy Information Administration reported. Analysts polled by Reuters had forecast a decrease of 599,000 barrels as refineries cut output.

Stocks pulled back on Wednesday as trade worries increased while declines in Qualcomm and retailer shares also dampened market sentiment.

The Dow Jones Industrial Average fell 100.72 points to 25,776.61 as Apple lagged. The S&P 500 slipped 0.3% to 2,856.27, with the tech sector sliding 0.6%. The Nasdaq Composite declined by 0.5% to 7,750.84.

Gold was little changed on Wednesday in the wake of minutes from the latest U.S. Federal Reserve meeting, but the precious metal was trading above the two-week low hit in the last session as stock markets slid on fresh trade tensions.

Spot gold was steady at $1,273.68 per ounce, having fallen to its lowest level since May 3 on Tuesday at $1,268.97.

U.S. gold futures settled 0.1% higher at $1,274.20.

Source:CNBC

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.