Drop in the crude inventories in U.S. leads to lowering of oil prices
On 31st October, oil prices took a huge blow when the crude inventories of the U.S. showed a significant drop. CMC Markets analyst, Margaret Yang, said "The market has largely ignored the decline in U.S. crude inventories and assumed the demand side will remain weak in the foreseeable future as the global cyclical slowdown deepens". U.S. West Texas Intermediate (WTI) crude and Brent crude showed a drop of 15 cents and 3 cents a barrel in their prices.
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