US oil prices dropped back toward $70 a barrel on Wednesday, losing 5% to finish at their lowest in over two weeks.
The Energy Information Administration reported that US crude supplies sank 12.6 million barrels last week. The news, however, failed to offset pressure from expectations that Libya will soon resume oil exports and concerns surrounding the economic impact of worsening US-China trade tensions and a stronger dollar.
August West Texas Intermediate crude dropped $3.73, or 5%, to settle at $70.38 a barrel on the New York Mercantile Exchange, the lowest finish since June 25, according to FactSet data.
Source : Marketwatch