US energy data showed an unexpected glut of oil in storage-oil prices plummet

28-Jul-16

US crude oil stocks rose by 1.7 mln barrels to 521.1 mln barrels last week, according to the US Energy Information Administration. This is in sharp contrast to the analyst expectations of a drop in stocks by 2.3 million barrels. US energy data showed an unexpected glut of oil in storage - this information plummeted global oil prices plummeted by over a dollar a barrel. Brent crude dropped from around US$44.90 a barrel to US$43.5 levels.