U.S. crude prices fall nearly 4% as inventories rise
An aerial view of a crude oil storage facility is seen on May 4, 2020 in Cushing, Oklahoma.
Johannes Eisele | Afp | Getty Images
U.S. crude prices fell nearly 4% on Thursday as supply rose amid demand worries in China.
The West Texas Intermediate December contract fell $3.06, or 3.99%, to $73.61 a barrel while the Brent January contract tumbled $3.02, or 3.72%, to $78.16 a barrel.
The U.S. on Wednesday reported that crude inventories rose by 3.6 million barrels last week while production held steady at a record 13.2 million barrels per day.
In China, meanwhile, refining throughput slowed in October from the prior month’s high as industrial fuel demand weakened.
This is a developing story. Please check back for updates.
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