LIVE CRUDE OIL UPDATE ::
Oil prices dipped on Thursday following a rout in global stock markets. Data from the American Petroleum Institute (API) was in focus as it showed U.S. crude inventories jumped more than expected last week.
Crude Oil WTI Futures for November delivery slid 1.7% to $71.92 a barrel by 12:40AM ET (04:40 GMT) on the New York Mercantile Exchange, while London’s Intercontinental Exchange showed that Brent Oil Futures for December delivery also traded 1.8% lower to $81.59 per barrel.
Oil prices extended their 2% losses from the previous session as stocks in China and Japan tumbled more than 4% on Thursday, after U.S. stocks suffered their worst one-day drops in eight months overnight. The S&P 500 fell more than 3%, its biggest one-day decline since February.
Meanwhile, the API reported U.S. crude inventories jumped by 9.7 million barrels last week. Analysts expected an increase of 2.6 million barrels.