Oil prices dropped on Wednesday amid a build-up in US crude stocks and growing fears of a global economic slowdown, APA reports citing the nationalnews.com
Brent, the benchmark for two thirds of the world’s oil, was 0.95 per cent lower at $79.34 a barrel at 8.56am UAE time while West Texas Intermediate, the gauge that tracks US crude, was down 1.06 per cent at $74.32 a barrel.
US crude stocks rose by about 15 million barrels in the week that ended on January 6, according to market sources as they cited data from the American Petroleum Institute.
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