OIL PRICES UPDOWN
The price for light, sweet crude oil for October delivery plummeted by $3.79/bbl on Sept. 1, abruptly ending a late-August rally that marked the largest 3-day gain the New York market had experienced since 1990 for oil price futures.
Oil prices continued dropping in early trading on Sept. 2 with a build in US petroleum inventories.
The US Energy Information Administration reported commercial crude oil inventories, excluding the Strategic Petroleum Reserve, increased 4.7 million bbl for the week ended Aug. 28. The estimated total was 455.4 million bbl, the Petroleum Status Report showed on Sept. 2.
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