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Crude Oil Prices Drop Amid Rise in U.S. Inventories

WTI crude futures fell more than 1% to trade around $37.4 a barrel on Thursday, amid an unexpected rise in US crude inventories and mounting concerns about fuel demand recovery as global coronavirus cases continue to rise.

Data from the API showed US crude stockpiles rose by 3 million barrels in the latest week, while markets expected a draw of 1.4 million barrels.

Traders now await the EIA report due later in the day.

About Babajide Iletogun

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