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WTI Crude Plunges Back To $45 Handle After API Reports Biggest Inventory Build In 6 Months

For the first time in 5 months, API has reported a third weekly inventory build in crude oil in a row. API reported a stunning 9.3 milion barrel build (against expectations of a 1.8 mm build) with Cushing rising 1.4mm barrels! The result of the biggest inventory build since April, WTI is getting hammered...

 

And the result...WTI back to a $45 handle

 

Charts: Bloomberg