Oil prices fell 4 percent on Tuesday as investors sold off stocks amid concerns about slowing global economic growth.
Source: www.cnbc.com
U.S. crude oil inventories are a major driver of oil prices in the near term. For the week ending Oct. 19, U.S. crude oil inventories saw a buildup of 9.88 million barrels as per American Petroleum Institute (API). This follows a drawdown of 2.1 million barrels for the previous week. Following the report, WTI crude prices fell 4.2% Tuesday, marking the biggest daily loss in three months. Putting downward pressure on oil prices was also an announcement by Saudi Arabia to enhance oil supply.
