Oil Prices Plummet on Surprise Inventory Report

Oil prices plummeted on Wednesday after a surprise inventory report showed smaller-than-expected draws in U.S. crude inventories.

The Energy Information Administration (EIA) reported that commercial U.S. crude inventories fell by 600,000 barrels during the week ended September 11 to 423.4 million barrels.

This decline was significantly lower than the 1.6 million-barrel draw economists had anticipated, leading to a 2.5% drop in crude oil futures to $103.20 per barrel.