Oil plunged to near six-month lows on surprise US inventories data

International benchmarks for crude oil slid about 4% on Wednesday, 3 August 2022 after a report from the Energy Information Agency show a surprise 4.5 million barrels build-up in US crude inventories last week while gasoline stocks rose for the second week in a row, signalling the weak demand. News of OPEC+ lifting production outputs by 100,000 barrels per day supported higher prices in the previous session, which has now become a menace.

Brent fell $3.76 or 3.7% to close at $96.78/barrel. 

WTI loses $3.76 or 4% to close at $90.66/barrel.