Global oil prices plummet as US crude stockpiles hit record

‘Global oil prices have plummeted after the US crude stockpiles reached its highest level over the past 33 years.

Reports said on Wednesday that US benchmark West Texas Intermediate (WTI) and Brent North Sea crude, both set for March delivery, tumbled by USD 2.92 and USD 2.05 to USD 50.13 and USD 55.87 a barrel, respectively.

Earlier in the day, the US Energy Information Administration (EIA) said the country’s crude inventories jumped to 413.06 million barrels last week, showing a 6.3-million barrel increase. This is the US largest crude stockpile since 1982.’

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