US crude drops to lowest level since December

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The oil jitters continue.

West Texas Intermediate, the US oil benchmark, extended its declines falling as much as 5.7 per cent $50.13 a barrel on Wednesday afternoon — its lowest level since mid-December, according to Bloomberg data.

Oil prices have been dropping all day after data from the US energy department showed a ninth consecutive rise in weekly crude inventories.

Brent crude, the global benchmark, was not faring much better, and was trading 4.25 per cent lower on the day at $53.55 a barrel at pixel time.

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