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| Oil price slumps again as US crude inventories surge |
Dunya News
NEW YORK (AP) - Oil prices plunged on Wednesday, ending a four-day rally, after the U.S. government reported that crude inventories surged last week.
Oil had rallied 19 percent over the previous four days as traders hoped that low prices would force more energy companies to curtail exploration and production.
The price of oil reached its highest point of the year Tuesday, leading to speculation that a long-running collapse was abating. The price has been falling sharply since last June, when it peaked at $107 a barrel
U.S. benchmark crude dropped $4.60, or 8.7 percent, to settle Wednesday at $48.45 a barrel in New York.
Brent crude, a benchmark for international oils used by many U.S. refineries, declined $3.75, or 6.5 percent, to close at $54.16 a barrel in London.
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