Crude Prices Went For A Sharp Fall On Surprise Build In Inventory Data (21-Jun-2012)
Crude prices fell on Wednesday as Fed went for just extending its asset purchase program beyond June while government's weekly inventory data showed a surprise build in domestic crude stocks, rising to their highest level since 1990 and as worries about the euro zone persisted.
The US Energy Information Administration said commercial oil inventories rose 2.9 million barrels to 387.3 million barrels last week. The oil inventories have been elevated for months due to a combination of a weak economic recovery and rising production.
Benchmark crude for July, which expired at the close, was down by $2.23, or 2.7%, at $81.80 a barrel on the New York Mercantile Exchange. In London, August Brent crude settled lower by $3.07, or 3.2%, at $92.69 a barrel on the ICE.
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