Oil Prices Tumble on US Inventory Data

Oil prices declined on Wednesday and finished at their lowest level since June, after data showed an increase in crude inventories in the United States.

Data by the US Energy Information Administration (EIA) showed earlier today that crude oil stockpiles in the United States grew by 4.3 million barrels last week, in the biggest weekly rise since July, and the first in three weeks.

Brent crude futures for December delivery dropped by $2.08, or 5.1%, to finish below $40 a barrel, at $39.12 per barrel.

This is the lowest level for the global benchmark crude futures since June 12.

Meanwhile, the US West Texas Intermediate (WTI) crude futures for December delivery declined by $2.18, or 5.5%, and closed at $37.39 per barrel, its lowest since October 2.