Crude Oil prices sank about 6% on Wednesday after data showed crude inventories surged the most since April, reminding the fundamentals were still weak. Light, sweet crude for September delivery closed off US$3.88, or 5.8% to settle at US$63.35 bbl on the New York Mercantile Exchange. According to the US Energy Department’s Energy Information Administration (EIA), crude stockpiles rose by 5.1 million barrels for the week ended July 24, the biggest surge since April, driving the total stockpiles to 347.8 million barrels, 9.5 percent higher than the five-year average for the period. Crude Oil prices headed even lower after the Commerce Department reported that new durable goods orders fell 2.5% in June, the largest percentage drop since January, after rising 1.3% in May. London Brent for September delivery dropped US$3.60 to US$66.28 bbl on the ICE Futures exchange.
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