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Oil prices slide with unexpected US inventory growth

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Oct 27, 2022 - 12:49 PM

ANKARA (AA) – The fall in oil prices sustained on Thursday from an unexpected rise in US crude oil inventories, signaling a slowdown in demand.

International benchmark Brent crude traded at $93.56 per barrel at 09.52 a.m. local time (0652 GMT) for a 0.25% decrease from the closing price of $93.79 a barrel in the previous trading session.

American benchmark West Texas Intermediate (WTI) traded at $87.67 per barrel at the same time for a 0.27% loss after the previous session closed at $87.91 a barrel.

US commercial crude oil inventories far exceeded expectations with a rise of 2.6 million barrels to 439.9 million barrels during the week ending Oct. 21 against the market expectation of around a 200,000-barrel rise, according to data released by the Energy Information Administration on Wednesday.

Meanwhile, record high US crude exports limited the drop in oil prices. Crude oil exports rose by around 991,000 barrels per day (bpd) to 5.12 million bpd last week.

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