Oil futures dropped Wednesday, with U.S. prices posting their biggest single-session loss in nearly three weeks, after government data revealed a hefty weekly increase in domestic crude stockpiles, defying expectations for a decline.
Domestic crude production has also “ticked higher again, while another U.S. Strategic Petroleum Reserve release, “this time 1.2 million barrels, has helped boost the rise in inventories,” he added.
West Texas Intermediate crude for July delivery fell $1.71, or 2.7%, to settle at $61.42 a barrel on the New York Mercantile Exchange, for largest single session dollar and percentage drop since May 2, according to FactSet data.
Global benchmark July Brent declined by $1.19, or 1.7%, to $70.99 a barrel on ICE Futures Europe. Both WTI and Brent crude marked their lowest front-month contract settlements since May 13.
Source : MarketWatch