Commodities: Crude tumbles 6% as supplies bounce
Oil prices plunged almost 6% on Wednesday as traders digested a bigger than expected rise in crude stockpiles.
US light crude oil for September delivery fell $3.88 to settle at $63.35 a barrel on the New York Mercantile Exchange.
In its weekly inventory report the Energy Information Administration said crude supplies surged by 5.1m barrels to 347.8m barrels in the week ended 24 July. Analysts had pencilled in a rise of just over 1m barrels.
The report also said distillates increased by 2.1m barrels while gasoline supplies fell by a bigger than expected 2.3m barrels last week.
Oil prices were also pressured by a stronger dollar and a weak session among US equities.
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| Name | Price | 1 Day Change | 1 Day % Change | Units |
|---|---|---|---|---|
| Gold | $944.25 | -$13.25 | -1.40% | $/troy oz |
| Silver | $14.02 | -$0.42 | -3.00% | $/troy oz |
| Palladium | $263.00 | -$9.00 | -3.42% | $/troy oz |
| Platinum | $1,213.00 | -$42.00 | -3.46% | $/troy oz |
| Cattle | 146.63p | 0.000p | 0.00% | p/kg |
| Pigs | 155.08p | 0.000p | 0.00% | p/kg |
| Lamb | 136.04p | 0.000p | 0.00% | p/kg |
| Brent Crude | $66.75 | -$2.67 | -3.85% | $/barrel |
| Krugerrand | $964.70 | -$7.10 | -0.73% | $/troy oz |
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