Economic news

Oil prices go down rapidly as U.S. inventories leap

Oil plumbed to the lowest level in two weeks on Thursday, keeping its downward trajectory of the past session as world stock markets are in turmoil, while new data reporting of a bigger-than-expected hike in U.S. oil inventories also dented prices.

Photo: Reuters

Brent futures swept down to $81.77 a barrel, losing $1.32, equal to 1.6%. The intra-day fall was as far down as $81.35, the least figure in a fortnight.

U.S. WTI futures dropped to $72.07, $1.10 or 1.5 percent down, also momentarily going down to the lowest from September 28.

U.S. oil inventories showed an increment of 9.7 mln barrels last week to 410.7 mln, starkly differing from a rise of 2.6 mln barrels projected by experts.

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