Oil price fell on Wednesday

International benchmarks for oil prices plunged on Wednesday (13 July) on disappointing US commercial crude inventories data. The EIA on Wednesday reported a fall of 2.5 million barrels in US crude inventories by the week ending 8 July, which is below analyst expectation. However, refined products including gasoline and diesel surged to a record high level, making total commercial supplies of crude oil and products jump 7.1 million barrels to 1.38 billion barrels. Players are now concern about the storage space for refined products, and that if storage tanks run out of room, prices could plummet to attract more buyers. Crude oil production in the US has also increased by 50,000 barrels per day last week.

WTI closed at $44.75/barrel (-$2.05) August delivery

Brent closed at $46.26/barrel (-$2.21) September delivery