The Wall Street Journal reported that oil prices dipped Wednesday on reports of higher inventories in the US.

As quoted in the publication:

Total commercial stocks of oil and refined fuels rose by 9.9 barrels to 1.354 billion barrels as of Friday, the U.S. Energy Information Administration said. That largely came from crude, which added 9.4 million barrels, an addition that outpaced analysts’ expectations, industry estimates and a strong draw from gasoline stockpiles.

Light, sweet crude for May delivery recently fell $1.19, or 2.9%, to $40.26 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, traded down $1.02, or 2.4%, to $40.77 a barrel on ICE Futures Europe.

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