Oil Prices Fall Sharply as U.S. Inventories Rise
Oil prices declined toward lows not seen since late June on Wednesday after official data showed an unexpected increase in U.S. inventories of crude oil that pushed stockpiles back toward the five-year average.
Light, sweet crude for September delivery fell 1.7% to $67.58 a barrel on the New York Mercantile Exchange. Brent crude, the global benchmark, shed 2.2% to $72.60 a barrel.
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