Oil Prices Take 5% Hit As U.S. Crude Inventories, Production Soar

By Zainab Calcuttawala West Texas Intermediate (WTI) prices dropped five percent to a $50 rate on Wednesday in its biggest dip since September 2015, according to Zero Hedge. Reuters reported that the plunge came as U.S. inventories surge to record highs every week, fueling doubts about the effectiveness of the Organization of Petroleum Exporting Countries’ strategy to curb production in order to deal with the global supply glut. “We’re seeing some ‘GMO trading’, or ‘Get-Me-Out’ type trading,” Andrew Lebow, from the Commodity Research Group in Darien, Connecticut,…

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