Economic news

Oil dips after official figures on U.S. inventories

Prices of oil declined today following the release of government figures that said U.S. crude inventories surprisingly jumped and that U.S. oil production reached new heights.

Photo: Reuters

Brent futures decreased to $72.69 for a barrel, sliding 21 cents. U.S. WTI futures slightly fell to $68.69, going down 7 cents.

According to yesterday’s data from the U.S. EIA, U.S. oil extraction surged to 11 mln barrels a day, an unprecedented event.

Pushed forward by vigorously expanding shale drilling, the production volumes have advanced around 1 mln barrels since last November.

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